Aug. 22 at 2:19 AM
The SEC sued former Bank of America investment banking executive Jason Satsky and his friend Gavin Wolfe, alleging an insider-trading scheme linked to South Jersey Industries’ takeover in 2021. Satsky, who previously headed Bank of America’s energy and electric infrastructure banking division, allegedly disclosed confidential information about the pending acquisition to Wolfe during a basketball game in November 2021.
According to the SEC, Wolfe acted on the tip by purchasing at least
$53 million of South Jersey Industries shares between November and December 2021. The regulator alleges that the trades generated approximately
$18.5 million in illegal profits. The two men also maintained communications about the transaction during the period in which Wolfe accumulated the shares.
The SEC’s lawsuit accuses Satsky of violating insider-trading laws by sharing material, nonpublic information and Wolfe of trading on that information.
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