The AG's Authority in West Virginia
West Virginia Attorney General Patrick Morrisey and the West Virginia Securities Commission have authority under the West Virginia Uniform Securities Act (W. Va. Code §32-1-101 et seq.) to investigate broker-dealer conflicts.
The Harm to West Virginia Investors
West Virginia's coal and energy workers hold significant retirement savings — many through employer-sponsored plans and discount brokers all subject to PFOF. The state's retail investor population has limited access to financial advocacy.
Patrick Morrisey has an estimated 280,000 West Virginia retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether West Virginia's chief law enforcement officer will protect the financial interests of West Virginia residents when federal regulators have failed to act.
The Griffin Political Context
West Virginia Attorney General Patrick Morrisey should be aware of the documented political investment Kenneth Griffin has made in West Virginia. Griffin has given contributions through national Republican organizations to national Republican committees that fund West Virginia'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 West Virginia consumer protection law by creating undisclosed conflicts of interest
- Whether West Virginia broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to West Virginia retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Patrick Morrisey
West Virginia residents can contact the Attorney General's office at https://ago.wv.gov to request investigation of PFOF-related broker-dealer practices affecting West Virginia investors.