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Power Broker Facing Suspension

Traders Magazine, November 2003

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.

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