Mike is both a certified professional planner and a general partner of a hedge fund. He was a successful professional planner and had a large group of clients. He placed most of his clients in that hedge fund. He did not tell his clients about his ownership in it. When the results were disappointing, he sold his ownership and personal holdings in the fund. Afterward, he advised his clients to get out of it.
In this case what would you recommend if this certified professional planner was your employee? What would you do if this person was your business partner? What would you do to rectify the situation?