Opinion ID: 4182911
Heading Depth: 3
Heading Rank: 1

Heading: The April 2009 Newsletter

Text: The April 2009 newsletter unmistakably asserted GIPS compliance. A footnote to a table listing ZPRIM’s investment returns said that ZPRIM’s “compliance with the Global Investment Performance Standards (GIPS®) has been verified firm-wide by Ashland Partners & Company LLP from December 31, 2000 through September 30, 2008.” The table listed investment returns for periods falling within this window of purported GIPS compliance, but omitted the GIPSrequired information. This false claim of GIPS compliance in the newsletter was material for the same reasons the false claims of GIPS compliance in the advertisements were material. Thus for the April 2009 newsletter as well, substantial evidence supported the Commission’s finding of materiality.