Commentary

Robert Schuessler
Traders Magazine Online News

A Smarter Monkey

In this contributed piece, TIM noted that some traders do better than others when using data that has been run through certain analysis - that is, have used some form of machine learning to assist them.

Traders Poll

In his first public speech, SEC Chair Jay Clayton deviated from his prepared remarks and offered his own "off the cuff" comments on market issues. Do you like this change of pace?




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December 1, 2003

Power Broker Facing Suspension

By Staff Reports

A former Spear, Leeds & Kellogg executive is charged by regulators with engaging in fradulent wash sales. Peter Kellogg, previously one of the most important men on the NYSE floor, is charged by the National Association of Securities Dealers with using some of his personal accounts to illegally trade millions of shares of Thoratec. The wash sales allegedly took place in August 2001.

Kellogg, according to the NASD, made wash sales in four personal accounts that he controlled. He also allegedly participated in this scheme along with his family. The trades resulted in Kellogg obtaining a greater profit than he would have received in the open market, authorities said.

Kellogg, 60, sold his own company to Goldman Sachs some three years ago. He is estimated to have a net worth of around $2 billion.

But, if the NASD charges are upheld, he could be fined, censured, suspended or barred from the securities industry. He might also be ordered to make restitution for the illegal gains he allegedly obtained.