While all brokers can commit securities fraud based on individual action or inaction with respect to their clients' investment accounts, it is also possible for an entire brokerage firm to be responsible for securities fraud, or brokerage fraud. In this case, the legal theory is that the brokerage firm was negligent or reckless in failing to properly monitor and/or supervise individual brokers' actions with regard to certain investment accounts, thus resulting in wrongdoing that caused losses for the investors. Brokerage fraud might occur in the full range of individual broker misconduct, including breach of fiduciary duty, misrepresentation, omission, insider trading, churning, ineptitude, and market manipulation. Therefore, if an individual broker who has allegedly committed securities fraud is employed by a brokerage firm, it is likely that the brokerage firm will also be subject to the securities fraud claim brought by a defrauded investor, and potentially will be just as liable as the individual broker.