The AG's Authority in North Dakota
North Dakota Attorney General Drew Wrigley and the North Dakota Securities Department have authority under the North Dakota Securities Act (N.D.C.C. Ch. 10-04) to investigate broker-dealer practices.
The Harm to North Dakota Investors
North Dakota's oil boom has created a significant population of energy-sector workers with retirement savings — many managed through discount brokers subject to PFOF practices.
Drew Wrigley has an estimated 130,000 North Dakota retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether North Dakota's chief law enforcement officer will protect the financial interests of North Dakota residents when federal regulators have failed to act.
The Griffin Political Context
North Dakota Attorney General Drew Wrigley should be aware of the documented political investment Kenneth Griffin has made in North Dakota. Griffin has given contributions through national Republican organizations to national Republican organizations that support North Dakota's federal delegation. 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 North Dakota consumer protection law by creating undisclosed conflicts of interest
- Whether North Dakota broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to North Dakota retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Drew Wrigley
North Dakota residents can contact the Attorney General's office at https://attorneygeneral.nd.gov to request investigation of PFOF-related broker-dealer practices affecting North Dakota investors.