The AG's Authority in Florida
Florida's Office of Financial Regulation has jurisdiction to investigate PFOF practices under Florida securities law (Chapter 517, F.S.). Given Griffin's $50 million donation to DeSantis, there are serious questions about whether Florida regulators can act independently — making federal and multistate action all the more critical for Florida investors.
The Harm to Florida Investors
Florida is now Kenneth Griffin's home state after he relocated Citadel's headquarters to Miami. Florida retail investors — from Panhandle retirees to Miami day traders — route orders through Citadel Securities, generating enormous profits for a company whose CEO has spent $57 million on Florida political figures. The conflict of interest between Griffin's political giving and the absence of Florida regulatory action is acute.
James Uthmeier has an estimated 4.5 million Florida retail investors — the second-largest state retail investor population as potential complainants. This is not an abstract regulatory question — it is a matter of whether Florida's chief law enforcement officer will protect the financial interests of Florida residents when federal regulators have failed to act.
The Griffin Political Context
Florida Attorney General James Uthmeier should be aware of the documented political investment Kenneth Griffin has made in Florida. Griffin has given more than $57 million directly tied to Florida political figures in the 2022 cycle alone — an extraordinary concentration of political spending to Governor Ron DeSantis, whose Preserve America PAC received $50 million from Griffin — the largest single donation in Florida political history — as well as Republican statewide committees. 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 Florida consumer protection law by creating undisclosed conflicts of interest
- Whether Florida broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to Florida retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact James Uthmeier
Florida residents can contact the Attorney General's office at https://myfloridalegal.com to request investigation of PFOF-related broker-dealer practices affecting Florida investors.