SEC charges former Bank of America investment banker with insider trading

The U.S. Securities and Exchange Commission (SEC) has charged former senior Bank of America investment banker Jason Satsky with insider trading. The SEC alleges that Satsky tipped friend and former colleague Gavin Wolfe about a pending merger, allowing Wolfe to make $18.5 million in illegal profits. Satsky, who was Bank of America's co-head of Americas power and renewable energy banking, allegedly revealed information about the potential acquisition of South Jersey Industries in late 2021.

Wolfe, who runs Evergreen Capital and has been Satsky's friend for over 20 years, purchased more than 2.2 million shares of the South Jersey Gas parent worth approximately $53 million, realizing a 36% gain after the company announced an $8.1 billion buyout in February 2022. The lawsuit seeks to recover ill-gotten gains from Wolfe and impose civil fines and sanctions against Satsky and Wolfe.

Satsky denies the allegations and will fight the charges, while Wolfe also categorically denies the accusations and will vigorously defend himself. Bank of America terminated Satsky in March 2025, and the SEC aims to recover Wolfe's ill-gotten gains and impose penalties.