The AG's Authority in Montana

Montana Attorney General Austin Knudsen and the Montana Commissioner of Securities and Insurance have jurisdiction under the Montana Securities Act (MCA §30-10-101 et seq.) to investigate broker-dealer conflicts.

The Harm to Montana Investors

Montana's rural retail investor population has limited access to financial advice and relies heavily on national discount brokers, all of which route orders through Citadel Securities.

Austin Knudsen has an estimated 180,000 Montana retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Montana's chief law enforcement officer will protect the financial interests of Montana residents when federal regulators have failed to act.

The Griffin Political Context

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

Contact Austin Knudsen

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