Peter Kellogg
From Wikipedia, the free encyclopedia
Peter R. Kellogg is a billionare businessman and trader; with an estimated current net worth of around $2.6 billion, he is ranked by Forbes as the 278-richest person in the world. He has been charged with securities fraud, and is known to use Tax avoidance strategies to keep his companies from paying income taxes.
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[edit] Personal
Peter is the son of James Kellogg of Wall Street specialist firm Spear, Leeds & Kellogg; he joined his father's firm as director in 1945. His fortune is part inheritance and partly from the sale of Spear, Leeds & Kellogg to Goldman Sachs in 2000 for $5.5 billion.
[edit] Controversy
[edit] NYSE
In November 2003, according to the NASD, Peter was formally charged[1] with fraudulent wash trades and matched trades. This was allegedly done in direct violation of Federal Securities Laws and NASD rules. Illegal transactions were allegedly performed to enable companies owned by Peter's children to make tax-exempt profits.
[edit] AMEX
In an April 26, 1999 cover story, Business Week alleged that Peter knew and aproved[2] of the illegal[3] activities of one of his top traders, Pasquale Schettino, and that the AMEX disregarded this evidence.
[edit] Taxes
According to Forbes magazine[4], he uses a Bermuda company to avoid paying taxes on his stock transactions.[5] He avoids paying taxes and seeks Tax Shelters by taking advantage of a small IRS rule which makes some insurance companies tax exempt.[6]
[edit] Notes
- ^ Nancy A. Condon. NASD Charges Peter Kellogg with Fraudulent Wash and Matched Trades. NASD Web. Retrieved on 07-24, 2006.
- ^ A Double Life at Spear Leeds?. Business Week. Retrieved on 07-24, 2006.
- ^ The American Stock Exchange: Scandal on Wall Street Cover Story. Business Week. Retrieved on 07-24, 2006.
- ^ Janet Novack. Are you a Chump. Forbes magazine. Retrieved on 07-24, 2006.
- ^ Samuel Loewenberg. Offshore Thing:. The American Prospect. Retrieved on 07-24, 2006.
- ^ David Cay Johnston. From Tiny Insurers, Big Tax Breaks. The New York Times. Retrieved on 07-24, 2006.
[edit] References
- Forbes 2006 ranking
- Forbes features Peter
- A Double Life at Spear Leeds? from Business Week
- The American Stock Exchange: Scandal on Wall Street. Business Week
- Info from Zoom
- Philantropy
- NASD Charges Peter Kellogg with Fraudulent Wash and Matched Trades
- New York Times-Weddings;Megan R. Cole, Charles K. Kellogg
- New York Times stories
- Goldman To Acquire Market Maker Spear, Leeds & Kellogg
- National Discount Brokers Group Elects Kirk Kellogg to Board of Directors
- Google IPO boosts founders in ranking of richest Americans
- Insurance Loophole Helps Rich
- Board member of the U.S. Ski and Snowboard Association
- Peter Kellogg, Ted Ligety Receive Top USSA Awards
- The Nelson R. Hartranft Trophy, donated to the Bay Head Yacht Club by Peter R. Kellogg
- Expansion, facelift make art center shine (Philantropy)
- Cynthia K. & Peter R. Kellogg Foundation Fund(Philantropy)
- Keel/Keelson Members ($50,000) - Peter & Cynthia Kellogg (Philantropy)
- Board Member Windham Chapter (Philantropy)
- J.C. Kellogg Foundation, Inc. (Philantropy)
- Leadership Giving $25,000 to $49,999 (Philantropy)
