Business broker fraud, or business-related broker fraud, may occur when a securities broker or brokerage firm steers or encourages investors to place significant assets in a certain business or industry, usually with the goal of personal financial gain for the broker. For example, the broker may have a conflict of interest that he or she does not disclose to the client, such as the fact that he is an owner, director, or shareholder of the company. In other cases, fraud may occur if the broker has made a financial arrangements with the company in question by which the company pays the broker an additional commission, or a kickback, in exchange for suggesting that investors primarily invest their assets in the company. In each of these cases, the broker may be liable both civilly and criminally, under both state and federal securities laws, for securities fraud. As a broker owes a fiduciary duty to his or her clients, acting in the best interest of a particular business, or in their own self-interests, is clearly misconduct on the part of the broker.