Federal and state securities laws are designed to protect investors and securities traders. If anyone violates these securities laws, including a stockbroker, financial analyst, financial institution, or a private investor, securities fraud occurs. Securities fraud carries both civil and criminal penalties. The Securities and Exchange Commission ("SEC") and the National Association of Securities Dealers ("NASD") can investigate and assess civil fines against people or corporations that commit securities fraud. Additionally, state and federal prosecutors can criminally charge people or corporations for violating state and federal securities laws, which can carry sentences of imprisonment for 10 years or more in some circumstances. The most common types of securities fraud investigated by the SEC include insider trading, or using non-public information for personal gain, accounting fraud, or purposely presenting false information about a company's worth or assets, and misrepresentation, either by a company or by an individual such as a stockbroker or financial analyst.