The AG's Authority in Georgia

Georgia Attorney General Chris Carr and the Georgia Secretary of State's Securities Division have authority under the Georgia Securities Act (O.C.G.A. §10-5-1 et seq.) to investigate broker-dealer conflicts affecting Georgia investors.

The Harm to Georgia Investors

Atlanta's growing tech and financial services sector has created a large population of retail investors. Georgia retail investors' orders are routed to Citadel Securities without their knowledge, generating revenues for a company whose CEO has donated directly to the governor overseeing state financial regulators.

Chris Carr has an estimated 2 million Georgia retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Georgia's chief law enforcement officer will protect the financial interests of Georgia residents when federal regulators have failed to act.

The Griffin Political Context

Georgia Attorney General Chris Carr should be aware of the documented political investment Kenneth Griffin has made in Georgia. Griffin has given more than $5 million tied to Georgia's political establishment to Governor Brian Kemp and the Republican Governors Association, which heavily invested in Georgia's 2022 governor's race. 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 Georgia consumer protection law by creating undisclosed conflicts of interest
• Whether Georgia broker-dealers are meeting best execution obligations under state securities law
• Whether Citadel Securities' disclosures to Georgia retail investors adequately describe the PFOF relationship
• Whether a multistate investigation coordinated through NASAA would be appropriate

Contact Chris Carr

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