Minnesota State Action

Minnesota Attorney General Keith Ellison: The Case for Investigating Citadel Securities

Keith Ellison, the Minnesota Attorney General, has the authority and — given the documented harms to an estimated 1 million Minnesota retail investors — the obligation to investigate Citadel Securities' payment for order flow practices under Minnesota law.

The AG's Authority in Minnesota

Minnesota Attorney General Keith Ellison has been among the most aggressive state AGs on corporate accountability and could lead a multistate PFOF investigation. The Minnesota Department of Commerce has securities enforcement authority under Minn. Stat. §80A.01 et seq.

The Harm to Minnesota Investors

Minnesota has a large financial services sector and significant retail investor population. Minneapolis is home to major financial institutions, and Minnesota investors face the same PFOF-driven conflicts as investors nationwide.

Keith Ellison has an estimated 1 million Minnesota retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Minnesota's chief law enforcement officer will protect the financial interests of Minnesota residents when federal regulators have failed to act.

The Griffin Political Context

Minnesota Attorney General Keith Ellison should be aware of the documented political investment Kenneth Griffin has made in Minnesota. Griffin has given contributions through national Republican organizations that fund Minnesota candidates to national Republican committees that have invested in competitive Minnesota Senate races. 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 Minnesota consumer protection law by creating undisclosed conflicts of interest
Whether Minnesota broker-dealers are meeting best execution obligations under state securities law
Whether Citadel Securities' disclosures to Minnesota retail investors adequately describe the PFOF relationship
Whether a multistate investigation coordinated through NASAA would be appropriate

Contact Keith Ellison

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

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