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Erik Hoel
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Will The Bitcoin Bubble Pop Or Will It Envelop Us All?

Guest contributor Erik Hoel asks the question whether the worst is over for bitcoin holders, or still yet to come, what is yet to come? And why.

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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.