The AG's Authority in New Hampshire
New Hampshire Attorney General John Formella and the Bureau of Securities Regulation have authority under the New Hampshire Uniform Securities Act (RSA 421-B) to investigate broker-dealer practices.
The Harm to New Hampshire Investors
New Hampshire's 'Live Free or Die' ethos extends to its financial markets — but retail investors deserve transparency about how their orders are routed and monetized by Citadel Securities.
John Formella has an estimated 250,000 New Hampshire retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether New Hampshire's chief law enforcement officer will protect the financial interests of New Hampshire residents when federal regulators have failed to act.
The Griffin Political Context
New Hampshire Attorney General John Formella should be aware of the documented political investment Kenneth Griffin has made in New Hampshire. Griffin has given more than $1.1 million in New Hampshire-linked political donations to Governor Chris Sununu, who considered a presidential run after Griffin's support, and the NRSC. 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 New Hampshire consumer protection law by creating undisclosed conflicts of interest
- Whether New Hampshire broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to New Hampshire retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact John Formella
New Hampshire residents can contact the Attorney General's office at https://www.doj.nh.gov to request investigation of PFOF-related broker-dealer practices affecting New Hampshire investors.