The AG's Authority in New Mexico
New Mexico Attorney General Raúl Torrez and the Securities Division have authority under the New Mexico Securities Act (NMSA §58-13B-1 et seq.) to investigate broker-dealer practices.
The Harm to New Mexico Investors
New Mexico has a significant Native American and Hispanic population with limited access to financial literacy resources. Retail investors in these communities face PFOF practices without adequate protection.
Raúl Torrez has an estimated 360,000 New Mexico retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether New Mexico's chief law enforcement officer will protect the financial interests of New Mexico residents when federal regulators have failed to act.
The Griffin Political Context
New Mexico Attorney General Raúl Torrez should be aware of the documented political investment Kenneth Griffin has made in New Mexico. Griffin has given contributions through national Republican organizations to national Republican committees that fund New Mexico 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 New Mexico consumer protection law by creating undisclosed conflicts of interest
- Whether New Mexico broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to New Mexico retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Raúl Torrez
New Mexico residents can contact the Attorney General's office at https://www.nmag.gov to request investigation of PFOF-related broker-dealer practices affecting New Mexico investors.