The AG's Authority in Virginia
Virginia Attorney General Jason Miyares and the Virginia SCC Division of Securities have broad authority under the Virginia Securities Act (Va. Code Ann. §13.1-501 et seq.) to investigate broker-dealer conflicts affecting Virginia investors.
The Harm to Virginia Investors
Virginia has the largest population of federal government employees and contractors in the nation — many of whom invest through Thrift Savings Plan-adjacent brokers and retail platforms subject to PFOF. The Northern Virginia tech corridor also houses sophisticated retail investors who deserve better execution.
Jason Miyares has an estimated 1.7 million Virginia retail investors — including significant federal government employee investor population as potential complainants. This is not an abstract regulatory question — it is a matter of whether Virginia's chief law enforcement officer will protect the financial interests of Virginia residents when federal regulators have failed to act.
The Griffin Political Context
Virginia Attorney General Jason Miyares should be aware of the documented political investment Kenneth Griffin has made in Virginia. Griffin has given more than $5.1 million in Virginia-linked political contributions to Governor Glenn Youngkin and the Republican Governors Association that invested in Virginia's 2021 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 Virginia consumer protection law by creating undisclosed conflicts of interest
- Whether Virginia broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to Virginia retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Jason Miyares
Virginia residents can contact the Attorney General's office at https://www.oag.state.va.us to request investigation of PFOF-related broker-dealer practices affecting Virginia investors.