Peter Kellogg

Peter R. Kellogg
Peter R. Kellogg
Born	September 5, 1942 (age 84); United States
Occupation(s)	Entrepreneur, Businessman
Known for	Head of Spear, Leeds & Kellogg

Peter R. Kellogg (born September 5, 1942) is an American entrepreneur whose net worth is estimated at $3.4 billion, largely attributed to his role as head of the Wall Street firm Spear, Leeds & Kellogg.

Personal

Kellogg's education includes attendance at the Rectory School and the Berkshire School, followed by a brief period at Babson College, which he did not complete. He is the son of James Crane Kellogg III, who previously led the Wall Street specialist firm Spear, Leeds & Kellogg. After gaining experience at Dominick & Dominick, Kellogg joined his father’s firm in 1967 and managed it throughout the 1980s until its acquisition by Goldman Sachs in 2000 for around $6.5 billion.

During summers, Kellogg resides in Mantoloking, New Jersey.

NYSE

On November 3, 2003, the NASD announced disciplinary charges against Kellogg, accusing him of orchestrating fraudulent wash trades and matched trades involving accounts under his control in August 2001. Wash sales are transactions where securities are traded without a genuine transfer of ownership; matched trades involve coordinated buying and selling orders.

Nonetheless, on August 6, 2004, a NASD panel dismissed these allegations, determining there was no proof that Kellogg intended to commit fraud or market manipulation. The panel found that the trades had legitimate business and tax motivations. Additionally, Kellogg’s history of philanthropy was taken into account during the ruling.

AMEX

In 2002, Spear, Leeds was penalized with a $1 million fine by the AMEX and mandated to reassess its oversight procedures for clearance and specialist activities on the AMEX trading floor. This penalty followed a violation in the mid-1990s by a Spear Leeds employee who lacked proper supervision, resulting in a $100,000 fine and an industry ban. The employee testified that senior executives at Spear Leeds, including Kellogg, were aware of the misconduct.

Taxes

As the majority shareholder of IAT Reinsurance Co., Kellogg benefits from a U.S. tax exemption designed for small insurance firms collecting less than $350,000 annually in premiums.

In 2005, through their charitable foundation, Kellogg and his wife acquired the John F. Peto Studio Museum located in Island Heights, NJ, to prevent its demolition. The foundation invested close to $2 million in restoration efforts before transferring ownership to the museum’s Board between 2021 and 2022. Currently, the museum sustains operations via memberships, donations, and fundraising events.

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