SEC charges former Bank of America investment banker with insider trading

The U.S. Securities and Exchange Commission (SEC) has accused former Bank of America investment banker Jason Satsky of insider trading. Satsky allegedly shared information about a potential Bank of America merger with a longtime friend, Gavin Wolfe, in late 2021. This information allowed Wolfe, who runs Evergreen Capital, to purchase over 2.2 million shares of South Jersey Industries, an energy holding company, for approximately $53 million.

Wolfe later made a 36% profit once South Jersey Industries announced an $8.1 billion buyout on February 24, 2022. The SEC claims that Satsky and Wolfe communicated about a possible acquisition multiple times, including at a college basketball game, where Satsky had exclusive luxury seats obtained through Bank of America. Satsky denies the allegations, stating that he did not provide Wolfe with material nonpublic information.

Wolfe's lawyer also denies the claims, asserting that they were based on an independent investment thesis. Bank of America terminated Satsky in March 2025, but did not face any accusations of wrongdoing. The SEC seeks to recover Wolfe's ill-gotten gains and impose civil fines and bans against Satsky and Wolfe.