The AG's Authority in Nevada
Nevada Attorney General Aaron Ford and the Nevada Secretary of State's Securities Division have authority under the Nevada Uniform Securities Act (NRS Chapter 90) to investigate broker-dealer conflicts.
The Harm to Nevada Investors
Nevada's gaming and hospitality workers hold significant retirement savings through discount brokers. The state's large immigrant and working-class population has limited financial literacy resources to understand PFOF practices.
Aaron Ford has an estimated 600,000 Nevada retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Nevada's chief law enforcement officer will protect the financial interests of Nevada residents when federal regulators have failed to act.
The Griffin Political Context
Nevada Attorney General Aaron Ford should be aware of the documented political investment Kenneth Griffin has made in Nevada. Griffin has given more than $1.25 million in Nevada-linked political donations to Senate candidate Adam Laxalt and the NRSC that invested heavily in Nevada's 2022 Senate race. 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 Nevada consumer protection law by creating undisclosed conflicts of interest
- Whether Nevada broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to Nevada retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Aaron Ford
Nevada residents can contact the Attorney General's office at https://ag.nv.gov to request investigation of PFOF-related broker-dealer practices affecting Nevada investors.