SEC charges ex-Bank of America banker with insider trading tied to $18.5 million profit
This digest was compiled by AI from multiple sources — links to the originals are below.
The U.S. Securities and Exchange Commission charged former Bank of America investment banker Jason Satsky with insider trading on Friday. The SEC alleges Satsky tipped longtime friend Gavin Wolfe about a pending merger, allowing Wolfe to make $18.5 million in illegal profit. Satsky and Wolfe deny the allegations.
Key Facts
- The SEC alleges Jason Satsky tipped Gavin Wolfe in late 2021 about the potential acquisition of South Jersey Industries, which Bank of America was advising.
- Wolfe bought more than 2.2 million shares of South Jersey Gas parent worth about $53 million and realized a 36% gain after the $8.1 billion buyout was announced on February 24, 2022.
- Satsky and Wolfe allegedly communicated multiple times about a possible acquisition, including at a Duke-Kentucky basketball game at Madison Square Garden where Satsky had luxury box seats obtained through Bank of America.
- Bank of America terminated Satsky in March 2025, according to the SEC; the bank was not accused of wrongdoing.
- Satsky's lawyer Robert Anello said his client 'strongly denies' the allegations and is confident he will be 'fully vindicated.'
The Alleged Scheme
The SEC alleges that Satsky, then co-head of Americas power and renewable energy banking at Bank of America, tipped Wolfe in late 2021 about the potential acquisition of South Jersey Industries, an energy holding company the bank was advising. Wolfe, who runs the firm Evergreen Capital and has been Satsky's friend for more than 20 years, bought more than 2.2 million shares of the South Jersey Gas parent worth about $53 million. After the company announced an $8.1 billion buyout on February 24, 2022, Wolfe realized a 36% gain, according to the SEC. The two men allegedly communicated multiple times about a possible acquisition, including when they and their wives attended a nationally televised college basketball game between Duke and Kentucky at Madison Square Garden, where Satsky had luxury box seats obtained through Bank of America.
Defense and Employment Status
Satsky's lawyer Robert Anello said in a statement that his client 'strongly denies the SEC's allegations' and is confident the evidence will demonstrate he acted properly. Reed Brodsky, a lawyer for Wolfe, said his client 'categorically denies the allegations and will vigorously defend himself,' adding that the SEC ignored sworn testimony and documents showing Wolfe bought South Jersey shares based on an 'independent investment thesis.' Wolfe was a senior power and renewable energy banker at Credit Suisse before he and Satsky joined Bank of America in 2012. Bank of America terminated Satsky in March 2025, the SEC said; the bank was not accused of wrongdoing and confirmed Satsky no longer works there.
2 sources
SEC charges ex-Bank of America banker with insider trading tied to $18.5 million profit
