Kevin Kraft is a money manager with Quadrangle Investments. His neighbor, Wendy Sloan, works in the printing unit of a market research firm. Sloan emails copies of the research reports of two influential analysts in her firm to Kraft one day prior to their distribution to clients. Kraft uses the reports to trade client accounts, but does not trade his personal account. Did Kraft violate the Standards of Professional Conduct?

a) Yes.

b) No, because the report is distributed one day later.

c) No, because he owes no fiduciary duty to the research firm.