Peter Kellogg Net WorthReal Name: Peter Kellogg
Date of Birth: 09/05/1942
Place of Birth: New Jersey
2017 Net Worth: $3.6 Billion
Profession: Majority shareholder IAT Reinsurance Co.
Peter Kellogg Biography
Peter Kellogg was born in New Jersey in September of 1942. His father was co-founder of the brokerage firm Spear, Leeds, and Kellogg. Kellogg graduated from Berkshire High School, then attended Babson College but dropped out to follow his career. Kellogg began working for the financial services company Dominick & Dominick for a time, but soon joined his father’s company. Kellogg began to lead the firm in 1973 and was the first brokerage to control more than 10 percent of the stocks trading on the New York Stock Exchange His tremendous leadership abilities throughout the 1980’s and 1990’s earned both himself and the company tremendous earnings. In 2000, Kellogg sold the firm to Goldman Sachs for an incredible $6.4 billion, making Kellogg a billionaire.
Kellogg has had his share of problems, however. He had charges brought against his firm in 2003 from the NASD stating that he had directed fraudulent trades. The hearing panel found that there was no evidence to conclude that Kellogg had defrauded anyone and that his transactions were for legitimate business and tax purposes. Kellogg is now the controlling shareholder of IAT Reinsurance Company. Kellogg has also received unwelcome media attention for his use of a United States law which exempts small insurance companies from paying any federal tax if these insurance companies collect less than $350,000 in annual premiums. IAT qualified for this exemption for a while. IAT filed suit against the IRS in April of 2013 requesting a refund of the more than $185 million that the company had paid in taxes and interest.
Kellogg is still on the board at Goldman Sachs and has kept a large sum of money invested in the company over the years, continuing to increase his earnings and net worth. Kellogg has a current net worth of $3.6 billion, which shows no signs of decreasing and has actually increased by $3 million over the past 8 months.