[3] The NASD subsequently announced on August 6, 2004 that a panel convened to hear the case had dismissed the complaint against Kellogg.
The public notice stated that "The Hearing Panel found that there was no evidence that Kellogg carried out the four transactions at issue with the intention to defraud, manipulate or deceive.
The employee, who was fined $100,000 and barred from the industry,[5] was reported in the news media to have testified that his actions were known to senior Spear Leeds officials, including Kellogg.
Kellogg is the controlling shareholder of IAT Reinsurance Co., which has received media attention for its having used a U.S. law exempting small insurance companies from paying federal tax if they collected fewer than $350,000 in annual premiums.
[6] Kellogg and his wife, through their charitable foundation, bought the John F. Peto Studio Museum in Island Heights, NJ in 2005 to save it from demolition.