The AG's Authority in Vermont
Vermont Attorney General Charity Clark and the Vermont DFR Securities Division have authority under the Vermont Uniform Securities Act (9 V.S.A. §5101 et seq.) to investigate broker-dealer practices.
The Harm to Vermont Investors
Vermont's progressive investor community places high value on transparency and ethical business practices — values fundamentally at odds with Citadel's undisclosed PFOF arrangements.
Charity Clark has an estimated 115,000 Vermont retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Vermont's chief law enforcement officer will protect the financial interests of Vermont residents when federal regulators have failed to act.
The Griffin Political Context
Vermont Attorney General Charity Clark should be aware of the documented political investment Kenneth Griffin has made in Vermont. Griffin has given contributions through national Republican organizations to national Republican committees. 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 Vermont consumer protection law by creating undisclosed conflicts of interest
- Whether Vermont broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to Vermont retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Charity Clark
Vermont residents can contact the Attorney General's office at https://ago.vermont.gov to request investigation of PFOF-related broker-dealer practices affecting Vermont investors.