The AG's Authority in Mississippi
Mississippi Attorney General Lynn Fitch and the Mississippi Secretary of State's Securities Division have authority under the Mississippi Securities Act (Miss. Code Ann. §75-71-101 et seq.) to investigate broker-dealer practices.
The Harm to Mississippi Investors
Mississippi retail investors face the compounded disadvantage of lower incomes, higher percentage of savings invested in discount brokers, and no state-level enforcement action on PFOF.
Lynn Fitch has an estimated 460,000 Mississippi retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Mississippi's chief law enforcement officer will protect the financial interests of Mississippi residents when federal regulators have failed to act.
The Griffin Political Context
Mississippi Attorney General Lynn Fitch should be aware of the documented political investment Kenneth Griffin has made in Mississippi. Griffin has given contributions through national Republican organizations to the Republican National 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 Mississippi consumer protection law by creating undisclosed conflicts of interest
- Whether Mississippi broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to Mississippi retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Lynn Fitch
Mississippi residents can contact the Attorney General's office at https://www.ago.state.ms.us to request investigation of PFOF-related broker-dealer practices affecting Mississippi investors.