The U.S. Securities and Exchange Commission on Friday charged Jason Satsky, a former senior investment banker at Bank of America, with insider trading for allegedly tipping a longtime friend about a pending $8.1 billion acquisition.
The SEC alleges that Satsky, who co-headed Bank of America’s Americas power and renewable energy banking team, shared material nonpublic information about South Jersey Industries with Gavin Wolfe, a friend of more than two decades and founder of Evergreen Capital. Wolfe allegedly used the tip to purchase over 2.2 million shares of South Jersey Industries, valued at approximately $53 million, before the company announced its buyout on February 24, 2022. The SEC claims Wolfe realized a 36% gain, amounting to $18.5 million in illegal profits.
The alleged scheme involved multiple communications between Satsky and Wolfe, including during a nationally televised college basketball game between Duke and Kentucky at Madison Square Garden in late 2021. Satsky and Wolfe, along with their wives, attended the event in luxury box seats reportedly arranged through Bank of America. Satsky joined Bank of America in 2012 after previously working at Credit Suisse as a senior power and renewable energy banker.
The SEC’s complaint, filed in Manhattan federal court, seeks to recover the illegal gains from Wolfe and impose civil penalties and officer-and-director bans on both Satsky and Wolfe. Bank of America stated it has not been accused of wrongdoing and confirmed Satsky was terminated in March 2025.
Satsky, through his attorney Robert Anello, denied the allegations, asserting he did not provide Wolfe with any material nonpublic information regarding South Jersey Industries. Wolfe, represented by attorney Reed Brodsky, also denied the charges, stating the SEC ignored sworn testimony and documents supporting his independent investment thesis.
