Short Hills is a small town in New Jersey. Less than 14,000 people consider Short Hills home. However, it is one of the wealthiest towns in New Jersey. The median household income is $250,001, and the median home value exceeds $1.39 million.
One of the richest people in Short Hills is Peter R. Kellogg. His net worth exceeds $3.5 billion, making him the 317 richest person in the country and the third richest in New Jersey.
Who is Peter R. Kellogg?
Peter R. Kellogg is an American business executive and philanthropist. He was born on September 5, 1942. His father, James Crane Kellogg, was a senior partner in the Wall Street specialty firm of Spear, Leeds & Kellogg. An investment firm founded in 1931 and sold to Goldman Sachs in November 2000.
Peter Kellogg attended Babson College in Wellesley, Massachusetts, but never graduated. After dropping out, he worked at Dominick & Dickerman, an investment firm in New York City. Then, in 1973, he joined his father at Spear, Leeds & Kellogg. Peter Kellogg kept moving up the corporate ladder until he took control of the company a few years later. According to Forbes, under Kellogg's leadership, Spear, Leeds & Kellogg became the first brokerage firm to control 10% of the New York Stock Exchange stocks.
Goldman Sachs paid $6.5 billion to acquire the firm.
This brilliant success was acknowledged when Goldman Sachs bought the firm for$6.5 billion. Peter Kellogg worked at the company until it was sold in 2000.
In 2003, the National Association of Securities Dealers (NASD) filed a disciplinary action against Peter Kellogg for allegedly directing fraudulent wash trades. However, NASD dismissed the complaint against Peter Kellogg for the lack of evidence.
In 1991, he founded IAT Insurance Group. A property-casualty insurance and surety carrier providing consultancy services related to insurance and underwriting. Kellogg retired as IAT CEO in 2015. He is married, has three children, and lives with his wife, Cynthia, in Short Hills, New Jersey.
The family founded Peter R. & Cynthia K. Kellogg Foundation in 1993.
The Kellogg family supports several national environmental organizations, historical societies, and museums. Peter also donates generously to many outdoor activities. If you had Kellogg's money, what causes would you support?
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