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Oregon State Action

Oregon Attorney General Dan Rayfield: The Case for Investigating Citadel Securities

Dan Rayfield, the Oregon Attorney General, has the authority and — given the documented harms to an estimated 780,000 Oregon retail investors — the obligation to investigate Citadel Securities' payment for order flow practices under Oregon law.

The AG's Authority in Oregon

Oregon Attorney General Dan Rayfield and the Oregon Division of Financial Regulation have authority under the Oregon Securities Law (ORS Chapter 59) to investigate broker-dealer practices.

The Harm to Oregon Investors

Oregon's tech and progressive community includes many retail investors who believe they are using 'zero-commission' trading — without understanding the PFOF model that funds Citadel Securities through their order flow.

Dan Rayfield has an estimated 780,000 Oregon retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Oregon's chief law enforcement officer will protect the financial interests of Oregon residents when federal regulators have failed to act.

The Griffin Political Context

Oregon Attorney General Dan Rayfield should be aware of the documented political investment Kenneth Griffin has made in Oregon. Griffin has given contributions through national Republican organizations that target competitive Oregon congressional races to the Congressional Leadership Fund that invested in Oregon's competitive House races. 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 Oregon consumer protection law by creating undisclosed conflicts of interest
  • Whether Oregon broker-dealers are meeting best execution obligations under state securities law
  • Whether Citadel Securities' disclosures to Oregon retail investors adequately describe the PFOF relationship
  • Whether a multistate investigation coordinated through NASAA would be appropriate

Contact Dan Rayfield

Oregon residents can contact the Attorney General's office at https://www.doj.state.or.us to request investigation of PFOF-related broker-dealer practices affecting Oregon investors.

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