A securities fraud definition usually includes some action taken by either an individual or a company that violates securities laws, in that it attempts to manipulate the investment market. An individual investor, a securities broker or dealer, a financial analyst or advisor, or a corporation all can potentially commit securities fraud under federal and state securities laws and regulations. For instance, a broker or a financial analyst might commit securities fraud by misleading clients as to certain securities, or advising clients based on insider information. Private investors may act on insider information, which also can result in securities fraud. Likewise, a corporation may misrepresent its business, its worth, or its profits, and, in doing so, may commit securities fraud. In light of recent corporate scandals, such as Enron, which have resulted in egregiously high profits for corporate officials, all at the expense of thousands of shareholders, federal and state securities laws continue to grow more stringent, and the penalties for securities continue to increase.