Either an individual or a business can commit security fraud by violating state and/or federal securities regulation laws. Stockbrokers or dealers may commit securities fraud by misleading or making misrepresentations to investors, or by acting inappropriately based on inside information. Likewise, financial advisors or analysis may commit securities fraud by purposely presenting misleading, wrong, or inside information to investors. Corporations may violate securities laws by misrepresenting assets, debts, or other characteristics that might lead investors to buy their stock. Finally, private individuals may commit securities fraud by using inside or non-public information in order to make a personal profit. All of these types of securities fraud may lead to civil penalties and criminal charges, as well as substantial terms of imprisonment. The government may prosecute violators of securities laws and regulations under state and federal securities laws, and the Securities and Exchange Commission ("SEC") and the National Association of Securities Dealers ("NASD") may impose civil fines and penalties against people and corporations who have committed securities fraud.