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Colorado State Action

Colorado Attorney General Phil Weiser: The Case for Investigating Citadel Securities

Phil Weiser, the Colorado Attorney General, has the authority and — given the documented harms to an estimated 1 million Colorado retail investors — the obligation to investigate Citadel Securities' payment for order flow practices under Colorado law.

The AG's Authority in Colorado

Colorado Attorney General Phil Weiser has been an aggressive consumer-protection advocate and could pursue Citadel-related PFOF claims under the Colorado Consumer Protection Act (C.R.S. §6-1-101 et seq.).

The Harm to Colorado Investors

Colorado has a highly educated, tech-savvy investor population with significant 401(k) and IRA assets managed through discount brokers. PFOF practices affect this sophisticated but underserved investor community.

Phil Weiser has an estimated 1 million Colorado retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Colorado's chief law enforcement officer will protect the financial interests of Colorado residents when federal regulators have failed to act.

The Griffin Political Context

Colorado Attorney General Phil Weiser should be aware of the documented political investment Kenneth Griffin has made in Colorado. Griffin has given millions through national Republican committees that target competitive Colorado races to national Republican Senate and gubernatorial committees that fund Colorado candidates. This political context does not determine what the AG should do — but it is relevant to understanding why federal and state regulators have been slow to act, and why an independent state investigation would be meaningful.

What the AG Should Investigate

  • Whether PFOF arrangements between major discount brokers and Citadel Securities violate Colorado consumer protection law by creating undisclosed conflicts of interest
  • Whether Colorado broker-dealers are meeting best execution obligations under state securities law
  • Whether Citadel Securities' disclosures to Colorado retail investors adequately describe the PFOF relationship
  • Whether a multistate investigation coordinated through NASAA would be appropriate

Contact Phil Weiser

Colorado residents can contact the Attorney General's office at https://coag.gov to request investigation of PFOF-related broker-dealer practices affecting Colorado investors.

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