The Securities and Exchange Commission (SEC) has charged two bankers, including Jason Satsky, a former senior investment banker at Bank of America, with insider trading fraud. Allegedly, Satsky shared nonpublic information about a potential acquisition involving South Jersey Industries with his friend Gavin Wolfe, who then profited significantly from trading the stock.
Wolfe, who previously worked at Bank of America and Credit Suisse, reportedly bought over 2.2 million shares of South Jersey stock and made approximately $18.5 million when the stock value increased following the acquisition announcement. He also informed others, leading to additional profits of $515,000.
The SEC’s lawsuit claims Satsky breached his duty of trust and acted for personal benefit due to a close relationship with Wolfe. Both Satsky and Wolfe have denied the allegations, asserting they acted properly. The SEC is seeking penalties, disgorgement of profits, and further legal actions against both individuals and their affiliated entities. Bank of America, not implicated in the actions, terminated Satsky in March 2025.
