SEC charges former Bank of America investment banker with insider trading
The SEC says Wolfe made $18.5 million after Satsky tipped him about a pending acquisition, and it seeks fines and bans.
- On Friday, the U.S. Securities and Exchange Commission charged former Bank of America investment banker Jason Satsky with insider trading, alleging he tipped longtime friend Gavin Wolfe about a pending merger.
- Satsky allegedly tipped Wolfe in late 2021 regarding South Jersey Industries' potential acquisition. Wolfe purchased more than 2.2 million shares worth about $53 million, realizing a 36% gain after the $8.1 billion buyout announcement.
- The two men, former colleagues at Credit Suisse, maintained a friendship spanning more than 20 years and communicated about the deal while attending a Duke-Kentucky basketball game at Madison Square Garden with their wives.
- Attorneys for Satsky and Wolfe deny the charges. Satsky's lawyer said he "strongly denies the SEC's allegations," while Wolfe's counsel stated his client "categorically denies the allegations and will vigorously defend himself."
- Bank of America terminated Satsky in March 2025 and confirmed the institution faced no wrongdoing accusations. The SEC lawsuit seeks to recoup $18.5 million in illegal profits and impose civil fines and corporate bans.
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Channel News Asia
SEC charges former Bank of America investment banker with insider trading
NEW YORK, Aug 21 : The U.S. Securities and Exchange Commission on Friday charged a former senior Bank of America investment banker with insider trading, alleging he tipped a longtime friend and former colleague about a pending merger, allowing the friend to make $18.5 million of illegal profit.Jason Satsky, w
Jason Satsky, former senior investment banker of the Bank of America Corp. (BofA), was accused by the U.S. Securities Commission (SEC) of passing on a tip based on privileged information to a friend who allegedly earned $18.5 million in illegal profits. Satsky, who previously headed the investment bank area for the energy and electrical infrastructure sectors of the Bank of America, was prosecuted this Friday (21) by the SEC, along with his frie…
Regulator sues ex-Bank of America investment banker over insider trading tip - report (BAC:NYSE)
The U.S. Securities and Exchange Commission has sued ex-Bank of America (BAC) senior investment banker Jason Satsky over allegedly providing insider trading tip to a friend, Bloomberg News reported.
SEC accuses ex-Bank of America utilities banker of insider trading
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The U.S. Securities and Exchange Commission (SEC) has charged a former top investment banker at Bank of America with insider trading, after authorities said he leaked confidential information about a takeover to a friend, helping him make an illegal profit of $18.5 million, Reuters reports.
SEC charges two ex-investment bankers with $18.5 million ins
🚨 SEC charged two ex-investment bankers for insider trading ahead of a major takeover. 💰 Authorities say $18.5 million in profit was made from secret trades in $SJI shares. 🕵️♂️ Wolfe allegedly traded through family entities after learning of the...
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