The AG's Authority in Indiana
Indiana Attorney General Todd Rokita and the Indiana Securities Division have jurisdiction under the Indiana Uniform Securities Act (I.C. 23-19-1-1 et seq.) to investigate market maker conflicts affecting Indiana residents.
The Harm to Indiana Investors
Indiana's industrial heartland has a large working-class retail investor base with significant exposure to 401(k) investments routed through PFOF-dependent brokers.
Todd Rokita has an estimated 1.2 million Indiana retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Indiana's chief law enforcement officer will protect the financial interests of Indiana residents when federal regulators have failed to act.
The Griffin Political Context
Indiana Attorney General Todd Rokita should be aware of the documented political investment Kenneth Griffin has made in Indiana. Griffin has given millions through national Republican organizations, including contributions tied to Indiana's leadership to then-Governor Mike Pence and national Republican 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 Indiana consumer protection law by creating undisclosed conflicts of interest
- Whether Indiana broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to Indiana retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Todd Rokita
Indiana residents can contact the Attorney General's office at https://www.in.gov/attorneygeneral to request investigation of PFOF-related broker-dealer practices affecting Indiana investors.