THE ETHICS REPORTER

← Citadel Securities Investigation
Louisiana State Action

Louisiana Attorney General Liz Murrill: The Case for Investigating Citadel Securities

Liz Murrill, the Louisiana Attorney General, has the authority and — given the documented harms to an estimated 750,000 Louisiana retail investors — the obligation to investigate Citadel Securities' payment for order flow practices under Louisiana law.

The AG's Authority in Louisiana

Louisiana Attorney General Liz Murrill and the Louisiana Office of Financial Institutions have authority under Louisiana securities law (R.S. 51:701 et seq.) to investigate market maker conflicts.

The Harm to Louisiana Investors

Louisiana's oil and gas worker population has significant retirement savings managed through PFOF-dependent brokers. Post-Hurricane Katrina recovery investments and insurance payouts have also flowed into retail brokerage accounts.

Liz Murrill has an estimated 750,000 Louisiana retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Louisiana's chief law enforcement officer will protect the financial interests of Louisiana residents when federal regulators have failed to act.

The Griffin Political Context

Louisiana Attorney General Liz Murrill should be aware of the documented political investment Kenneth Griffin has made in Louisiana. Griffin has given millions through national Republican organizations that fund Louisiana candidates to Senator Bill Cassidy, a member of the Senate Finance Committee, and national Republican organizations. 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 Louisiana consumer protection law by creating undisclosed conflicts of interest
  • Whether Louisiana broker-dealers are meeting best execution obligations under state securities law
  • Whether Citadel Securities' disclosures to Louisiana retail investors adequately describe the PFOF relationship
  • Whether a multistate investigation coordinated through NASAA would be appropriate

Contact Liz Murrill

Louisiana residents can contact the Attorney General's office at https://www.ag.state.la.us to request investigation of PFOF-related broker-dealer practices affecting Louisiana investors.

Related Coverage

Support Independent Accountability Journalism

The Ethics Reporter is the only independent news organization systematically tracking how Kenneth Griffin's political spending relates to the regulatory environment that protects Citadel Securities' business model. This reporting serves retail investors across every state in the country.

We are reader-funded and accept no money from financial industry advertisers. If this reporting is valuable — if you believe retail investors deserve transparency about who controls their trades — please support us.

Reader Supported

This journalism is free because readers like you make it possible.

We don't have corporate advertisers. We don't take money from law firms. Every investigation you read here is funded entirely by readers. Even $1 keeps us going.

Join 47 readers who donated this month

47% toward our monthly goal of 100 supporters

Secure checkout via Stripe. Cancel your monthly gift anytime.

← Back to Citadel Investigation Hub