The AG's Authority in Maine
Maine Attorney General Aaron Frey and the Maine Office of Securities have authority under the Maine Uniform Securities Act (32 M.R.S.A. §10101 et seq.) to investigate broker-dealer conflicts.
The Harm to Maine Investors
Maine's large retiree and fishing industry populations include many retail investors managing savings through national discount brokers, all subject to undisclosed PFOF practices.
Aaron Frey has an estimated 230,000 Maine retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Maine's chief law enforcement officer will protect the financial interests of Maine residents when federal regulators have failed to act.
The Griffin Political Context
Maine Attorney General Aaron Frey should be aware of the documented political investment Kenneth Griffin has made in Maine. Griffin has given contributions to Senator Collins and national Republican organizations to Senator Susan Collins, a member of the Senate Commerce 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 Maine consumer protection law by creating undisclosed conflicts of interest
- Whether Maine broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to Maine retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Aaron Frey
Maine residents can contact the Attorney General's office at https://www.maine.gov/ag to request investigation of PFOF-related broker-dealer practices affecting Maine investors.