The AG's Authority in Maryland
Maryland Attorney General Anthony Brown, whose office directly houses the Securities Division, has both jurisdiction and political motivation to investigate PFOF abuses under the Maryland Securities Act (Corporations and Associations Article, §11-101 et seq.).
The Harm to Maryland Investors
Maryland's proximity to Washington means many federal government employees and contractors rely on discount brokers for retirement savings — all subject to PFOF arrangements that fund a company engaged in extensive political giving.
Anthony Brown has an estimated 1.2 million Maryland retail investors — with a highly educated, high-income population near Washington DC as potential complainants. This is not an abstract regulatory question — it is a matter of whether Maryland's chief law enforcement officer will protect the financial interests of Maryland residents when federal regulators have failed to act.
The Griffin Political Context
Maryland Attorney General Anthony Brown should be aware of the documented political investment Kenneth Griffin has made in Maryland. Griffin has given more than $5 million tied to Maryland's political establishment to Governor Larry Hogan and the Republican Governors Association that supported his administration. 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 Maryland consumer protection law by creating undisclosed conflicts of interest
- Whether Maryland broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to Maryland retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Anthony Brown
Maryland residents can contact the Attorney General's office at https://www.marylandattorneygeneral.gov to request investigation of PFOF-related broker-dealer practices affecting Maryland investors.