The AG's Authority in Wyoming
Wyoming Attorney General Bridget Hill and the Wyoming Secretary of State's Securities Division have authority under the Wyoming Uniform Securities Act (W.S. §17-4-101 et seq.) to investigate broker-dealer practices.
The Harm to Wyoming Investors
Wyoming's energy sector workers and ranchers hold retirement savings through discount brokers subject to PFOF practices. The state's minimal regulation ethos has not been extended to protecting retail investors from market maker conflicts.
Bridget Hill has an estimated 100,000 Wyoming retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Wyoming's chief law enforcement officer will protect the financial interests of Wyoming residents when federal regulators have failed to act.
The Griffin Political Context
Wyoming Attorney General Bridget Hill should be aware of the documented political investment Kenneth Griffin has made in Wyoming. Griffin has given contributions through national Republican organizations to national Republican committees that fund Wyoming candidates. 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 Wyoming consumer protection law by creating undisclosed conflicts of interest
- Whether Wyoming broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to Wyoming retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Bridget Hill
Wyoming residents can contact the Attorney General's office at https://ag.wyo.gov to request investigation of PFOF-related broker-dealer practices affecting Wyoming investors.