Aregistered investment advisor who is also a stockbroker decides to join a particular religious sect in order to sell securities to members of this particular religious sect in the community, his behavior:
[a] is unlawful under the investment advisors act of 1940
[b] is unlawful under the securities act of 1933.
[c] is legal even though it is ethically questionable.
[d] may, at most, make the investment advisor subject to civil liability.

[C] Is legal even though it is ethically questionable

Explanation:

Some actions and behaviours can be legal but unethical or ethically questionable. They are legal in the sense that no contractual laws or pre-agreed contractual terms are broken when engaging in such actions. They may, however, be ethically questionable because they are do not conform to professional or moral conducts and societal norms.

The primary reason to join a religious sect should be a level of belief in the tenets of the sect, therefore, joining such with the singular motive of selling securities to its members is a behaviour that is not unlawful but is professionally, socially and morally questionable as a stockbroker and belonging to a religious sect.

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