Michigan State Action

Michigan Attorney General Dana Nessel: The Case for Investigating Citadel Securities

Dana Nessel, the Michigan Attorney General, has the authority and — given the documented harms to an estimated 1.8 million Michigan retail investors — the obligation to investigate Citadel Securities' payment for order flow practices under Michigan law.

The AG's Authority in Michigan

Michigan Attorney General Dana Nessel has been an active consumer protection advocate and could pursue PFOF claims under Michigan securities law (M.C.L. §451.2101 et seq.) and the Michigan Consumer Protection Act.

The Harm to Michigan Investors

Michigan's auto industry workers and retirees hold significant pension and IRA assets routed through discount brokers. PFOF practices extract value from these working-class investors without disclosure.

Dana Nessel has an estimated 1.8 million Michigan retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Michigan's chief law enforcement officer will protect the financial interests of Michigan residents when federal regulators have failed to act.

The Griffin Political Context

Michigan Attorney General Dana Nessel should be aware of the documented political investment Kenneth Griffin has made in Michigan. Griffin has given more than $5.5 million in contributions tied to Michigan's political establishment to Michigan gubernatorial candidate Tudor Dixon and the Republican Governors Association. 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 Michigan consumer protection law by creating undisclosed conflicts of interest
Whether Michigan broker-dealers are meeting best execution obligations under state securities law
Whether Citadel Securities' disclosures to Michigan retail investors adequately describe the PFOF relationship
Whether a multistate investigation coordinated through NASAA would be appropriate

Contact Dana Nessel

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

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