Nate, who manages portfolios for several clients including his cousin, executed three notable

transactions over the past year. First, acting on an analyst's tip about market rumors that Stock X might

be involved in an acquisition, Nate quickly purchased a substantial quantity of Stock X shares. Second,

Nate sold all holdings in Stock Y due to concerns over its poor environmental, social, and governance

$($ESG$)$ scores, without previously consulting his clients about their ESG preferences. Lastly, Nate

invested in a high$-$beta penny stock Z$,$ believing it to be undervalued. Given the low liquidity of Stock

Z$,$ only a limited number could be acquired. To optimize the performance of his other clients' portfolios,

Nate chose not to allocate any of Stock Z to his cousin's account. Later, Stock Z$$s price went up by

$200\%.$

Has Nate likely violated any ethical standards? Please briefly explain why.