The AG's Authority in Ohio
Ohio Attorney General Dave Yost has been an active consumer protection advocate. The Ohio Division of Securities has authority under the Ohio Securities Act (O.R.C. Chapter 1707) to investigate market maker conflicts affecting Ohio investors.
The Harm to Ohio Investors
Ohio's manufacturing-heavy economy has a large workforce with significant retirement savings. Ohio retail investors — from auto workers in Toledo to tech workers in Columbus — route trades through PFOF-dependent brokers without disclosure.
Dave Yost has an estimated 2.2 million Ohio retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Ohio's chief law enforcement officer will protect the financial interests of Ohio residents when federal regulators have failed to act.
The Griffin Political Context
Ohio Attorney General Dave Yost should be aware of the documented political investment Kenneth Griffin has made in Ohio. Griffin has given millions in Ohio-linked political contributions to Senator Rob Portman and the NRSC that invested in Ohio'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 Ohio consumer protection law by creating undisclosed conflicts of interest
- Whether Ohio broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to Ohio retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Dave Yost
Ohio residents can contact the Attorney General's office at https://www.ohioattorneygeneral.gov to request investigation of PFOF-related broker-dealer practices affecting Ohio investors.