Peter R. Kellogg (born September 5, 1942), is an American businessman with a net worth estimated by Forbes at around $3.4 billion, primarily derived from his leadership of

Wall Street Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for t ...

firm

Spear, Leeds & Kellogg Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...

Personal

Peter attended the

Rectory School The Rectory School is an independent, coeducational, junior boarding (5–9) and day school (K–9) in Pomfret, Connecticut. The school was founded by the Rev. Frank H. Bigelow in 1920. It has expanded to , 26 buildings, 250 students, and 65 facu ...

and the

Berkshire School Berkshire School is a private, co-ed boarding school for grades 9 through 12 located in Sheffield, Massachusetts, USA. History 1907–1943: Founding and early years Berkshire School (for boys) was established in 1907 at the foot of Mount Ever ...

. He matriculated at

Babson College Babson College is a private business school in Wellesley, Massachusetts. Established in 1919, its central focus is on entrepreneurship education. It was founded by Roger W. Babson as an all-male business institute, but became coeducational i ...

, but dropped out. He is the son of James Crane Kellogg III of

specialist firm

. After working at

Dominick & Dominick Dominick and Dickerman is an investment and merchant banking firm, located in New York City. From 1899 through to 2015, the firm was known as Dominick and Dominick. Following the sale of the wealth management business, the firm reverted to its ...

, he joined his father's firm in 1967, leading it from the 1980s to its 2000 sale to

Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...

for a reported $6.5 billion. Kellogg summers in Mantoloking,

New Jersey New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...

NYSE

The NASD publicly announced on November 3, 2003 that it had "filed a disciplinary action against Peter Kellogg alleging that he directed fraudulent

wash trade A wash trade is a form of market manipulation in which an investor simultaneously sells and buys the same financial instruments to create misleading, artificial activity in the marketplace. First, an investor will place a sell order, then place a ...

s and matched trades between four accounts he controlled" during August 2001. 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 a panel convened to hear the case had dismissed the complaint against Kellogg. 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." Kellogg's history of philanthropy was factored into the decision.

AMEX

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 whom the AMEX found was had not been 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.

Taxes

Kellogg is the controlling shareholder of IAT Reinsurance Co., which has received media attention for its having used a U.S. law exempting small insurance companies from paying federal tax if they collected fewer than $350,000 in annual premiums. Kellogg and his wife, through their charitable foundation, bought the John F. Peto Studio Museum in Island Heights, NJ in 2005 to save it from demolition. The foundation spent approximately $2,000,000 on renovations. The Foundation relinquished ownership of the museum in 2021-2022 to the Board of the Museum. It now sustains itself off of memberships, donations, and fundraisers.

References

External links

Forbes 2006 ranking
* ttps://web.archive.org/web/20060413081925/http://www.nynjtc.org/trailwalker/2000/so00.pdf Philanthropybr>NASD Charges Peter Kellogg with Fraudulent Wash and Matched TradesNew York Times storiesGoldman To Acquire Market Maker Spear, Leeds & KelloggPeter Kellogg, Ted Ligety Receive Top USSA AwardsThe Nelson R. Hartranft Trophy, donated to the Bay Head Yacht Club by Peter R. KelloggExpansion, facelift make art center shine (Philanthropy)Cynthia K. & Peter R. Kellogg Foundation Fund (Philanthropy)
{{DEFAULTSORT:Kellogg, Peter 1943 births American billionaires Living people Babson College alumni Berkshire School alumni People from Bay Head, New Jersey People from Millburn, New Jersey American businesspeople