Peter Kellogg’s profile picture

Peter Kellogg

Peter Kellogg’s profile picture
Net worth 2018: $3.73 Billion
Industry: Investments
Residence: Short Hills, New Jersey
Country: United States
BirthDay: 5 September 1942
Sigh: Libra
Children: 3
Education: Bachelor of Arts / Science, Babson College
BIOGRAPHY

Peter Kellogg was bornon 5 September 1942 in Short Hills, New Jersey, United States. Peter Kellogg is #627 in List Billionaires People In The World. Peter Kellogg sold brokerage house Spear, Leeds & Kellogg to Goldman Sachs for $6.5 billion in cash and stock in 2000. Kellogg joined the firm, where his father was a partner, in 1973 and took over several years later. Under his leadership, the firm became the first specialist brokerage to control more than 10% of the stocks trading on the New York Stock Exchange. After selling to Goldman in 2000, Kellogg turned his attention to reinsurance outfit IAT, which he led as CEO until 2015 and still chairs. Kellogg has donated more than $4 million to the U.S. ski and snowboarding teams.

NET WORTH STATISTIC
2009

$3 Billion

2010

$2.8 Billion

2011

$2.3 Billion

2012

$2.1 Billion

2013

$3 Billion

2014

$3.2 Billion

2015

$3.4 Billion

2016

$2.8 Billion

2017

$3.5 Billion

2018

$3.73 Billion

TIMELINE
Peter R. Kellogg (born September 5, 1942), is an American businessman and philanthropist with a net worth estimated by Forbes at around $3.4 billion.Peter attended Babson College in Wellesley, MA and the Berkshire School in Sheffield, MA. He is the son of James Crane Kellogg, III of Wall Street specialist firm Spear, Leeds & Kellogg; he joined his father's firm in 1967 after working at Dominick & Dominick. His fortune is primarily from his successful leadership of Spear, Leeds & Kellogg in the 1980s through to its sale in 2000 to Goldman Sachs for a reported $6.5 billion. Kellogg attended Babson College, but later dropped out.Kellogg spends his summers in Mantoloking, New Jersey.The NASD had publicly announced on November 3, 2003 that it “filed a disciplinary action against Peter Kellogg alleging that he directed fraudulent wash trades and matched trades between four accounts he controlled”. Wash sales are trades of securities without a real change in ownership of the securities traded. Matched orders are orders to buy or sell securities that are entered with knowledge that a matching order on the opposite side has been or will be entered.The NASD subsequently announced on August 6, 2004 that an NASD panel convened to hear the case dismissed this complaint against Kellogg alleging that he engaged in fraudulent wash and matched trades during August 2001. The public notice stated that "The Hearing Panel found that there was no evidence that Kellogg carried out the four transactions at issue with the intention to defraud, manipulate or deceive. Rather, the panel found that Kellogg conducted the transactions for legitimate business and tax purposes.”Spear, Leeds was fined $1 million in 2002 by the AMEX and ordered to conduct a review of the supervision of its clearance and specialist operations on the AMEX floor. This came in the wake of a violation of AMEX trading rules in the mid-1990s by a Spear Leeds employee who the AMEX found was not properly supervised by the firm. The employee, who was fined $100,000 and barred from the industry, was reported in the news media to have testified that his actions were known to senior Spear Leeds officials, including Kellogg.Kellogg is the controlling shareholder of IAT Reinsurance Co. which has received media attention in the past for its former use of a U.S. law exempting small insurance companies from paying federal tax. Congress exempted insurance companies from taxes if they collected less than $350,000 in annual premiums; IAT qualified for this exemption at one time.
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