SEC Charges Two Former Investment Bankers with Insider Trading
The Securities and Exchange Commission (SEC) has filed charges against Jason Satsky, a former senior investment banker at Bank of America, and Gavin Wolfe, founder of Evergreen Capital. The SEC alleges that Satsky shared material nonpublic information about South Jersey Industries' potential acquisition with Wolfe in 2021, enabling him to purchase over 2.2 million shares before the deal was announced in February 2022. This led to approximately $18.5 million in profits for Wolfe and an additional $515,000 from others who were allegedly tipped off. The SEC is seeking injunctions, civil penalties, disgorgement of gains, prejudgment interest, and bars against both individuals. Satsky has denied the allegations through his attorney, claiming he acted properly and will be vindicated. Wolfe also denies wrongdoing, asserting that his investment decisions were based on independent analysis. Bank of America terminated Satsky in March 2025 but is not accused of any misconduct.
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Topics: fraud insider trading investment banking SEC