Look at this convoluted and deceptive shit .. Bermuda corps, etc., geesh what a game
NEW YORK (CBS.MW) -- The National Association of Securities Dealers charged Peter Kellogg of specialist firm Spear Leeds & Kellogg, with fraudulent trading.
"As a result of Kellogg's fraudulent trades, the companies owned by Kellogg's children recognized a greater profit than they would have received in the open market, and the trading public was deceived about the volume of trading in Thoratec (THOR: news, chart, profile) stock and the prices at which that stock traded," the NASD said in its complaint.
Kellogg served as a senior partner of the trading firm in the mid-1990s. He is currently registered as a principal of the firm in NASD documents.
Kellogg had indicated to the regulatory body that he directed these trades to recognize nontaxed capital gains in Thoratec stock held by IAT Reinsurance Syndicate, Ltd., a Bermuda corporation owned by Kellogg's children, and Equity Holding, Inc., whose parent company, MCM, Inc., was owned in part by IAT.
cbs.marketwatch.com |
