Vious and Associates Is a Small Broker-Dealer Trying to Generate

Vious and Associates is a small broker-dealer trying to generate more business. To this end, the firm had a professional four-color brochure printed that provides the years of industry experience of its management along with other information. The firm's founder, Ms. D. Vious, is listed as having over 30 years of experience in the industry. Ms. D. Vious has worked for broker-dealers for over 30 years, but for 20 of those 30 years, she was a secretary. Has D. Vious violated any securities laws?

A) No. Technically, Ms . D . Vious does have over 30 years of experience in the industry, even though it was not in the capacity of an agent or a broker-dealer.
B) No. Ms . D . Vious' years of experience is not a material fact that would affect an investor's investment decision.
C) Yes. The broker-dealer is making a misleading statement in an advertising brochure in order to convince investors to do business with the firm.
D) No. Advertising brochures are not securities.