Banker allegedly told his longtime friend about a secret $8.1 billion takeover; friend bought $53 million of stock and made $18.5 million
A former senior Bank of America investment banker has been accused by the US Securities and Exchange Commission (SEC) of tipping a longtime friend about a confidential $8.1 billion takeover, allegedly allowing the friend to make $18.5 million in illegal profits through stock trades.According to Reuters, the SEC on Friday charged Jason Satsky, 59, who previously served as Bank of America’s co-head of Americas power and renewable energy banking, with insider trading. The regulator alleges that Satsky shared confidential information with Gavin Wolfe, a longtime friend and former colleague, about a potential acquisition of South Jersey Industries.
Friend allegedly bought $53 million worth of shares
The SEC alleges that Wolfe, who runs Evergreen Capital, purchased more than 2.2 million shares of South Jersey Industries, the parent company of South Jersey Gas, after receiving the alleged tip from Satsky.The shares were worth approximately $53 million. Wolfe reportedly made a 36% gain when South Jersey Industries announced an $8.1 billion buyout on February 24, 2022, generating an alleged profit of about $18.5 million.The SEC’s allegations centre on communications between Satsky and Wolfe in the months leading up to the acquisition announcement.
Bankers allegedly discussed takeover at basketball game
According to the SEC’s complaint, Satsky and Wolfe communicated several times about a potential acquisition. Among the encounters cited was a nationally televised college basketball game between Duke and Kentucky at Madison Square Garden in New York.Satsky and Wolfe attended the game with their wives, with Satsky using luxury-box seats obtained through Bank of America.The SEC is seeking to recover the alleged illicit gains from Wolfe and impose civil penalties and officer-and-director bans against both men, among other remedies.
Both men deny insider trading allegations
Satsky has strongly denied the SEC’s accusations through his lawyer, Robert Anello.“Jason strongly denies the SEC’s allegations and is confident that the evidence will demonstrate that he acted properly and that he will be fully vindicated,” Anello said. He also maintained that Satsky did not provide Wolfe or anyone else with material nonpublic information regarding South Jersey Industries.Wolfe’s lawyer, Reed Brodsky, said his client “categorically denies the allegations” and intends to vigorously defend himself. According to Brodsky, the SEC overlooked sworn testimony and documents indicating that Wolfe purchased South Jersey shares based on an “independent investment thesis.”
Satsky was terminated by Bank of America
Wolfe, 55, previously worked as a senior power and renewable energy banker at Credit Suisse before joining Bank of America with Satsky in 2012. He now runs Evergreen Capital, which manages assets belonging to his family.The SEC said Bank of America terminated Satsky in March 2025. The bank was not accused of wrongdoing and confirmed that Satsky no longer works for the company.Evergreen did not immediately respond to a request for comment.The case remains an allegation at this stage, and both Satsky and Wolfe have denied wrongdoing.
