The SEC has charged a former senior investment banker at Bank of America with insider trading

The U.S. Securities and Exchange Commission (SEC), the U.S. securities regulator, has filed charges against Jason Satsky, a former senior investment banker at Bank of America (BofA). According to the regulator, he passed on confidential information about an upcoming deal to a longtime friend and former colleague, allowing the latter to make an illegal profit of $18.5 million, Reuters reports.

According to the SEC, it all began in late 2021, when Satsuki—at the time co-head of Bank of America’s energy and “green” investment banking division for North and South America — informed his longtime friend, Gavin Wolf, head of the private investment firm Evergreen Capital, about a potential acquisition of the energy holding company South Jersey Industries. At the time, South Jersey’s shares were listed on the New York Stock Exchange. The SEC identified Satsky as the lead banker for the upcoming deal (South Jersey had turned to Bank of America for advice).

According to the regulator, Wolf subsequently—between November and December of that same year—purchased more than 2.2 million shares of South Jersey for a total of $53 million, the Financial Times reports.

In February 2022, the JPMorgan-backed Infrastructure Investments Fund announced plans to acquire South Jersey for $8.1 billion and take it private, according to Bloomberg. On the news, South Jersey’s stock jumped 40%. Wolf closed his position in the company at that time and locked in a 36% profit, according to Reuters.

The SEC's lawsuit seeks the return of the money Wolf obtained illegally, as well as civil penalties against his two friends and a ban on them serving as directors or senior executives in public or private companies.

“Jason categorically denies the SEC’s allegations and is confident that the evidence will show he acted lawfully—and that all charges against him will be fully dismissed,” said Satsky attorney Robert Anello. “Jason did not disclose any material non-public information about South Jersey Industries to Gavin Wolfe or anyone else,” he added. Wolfe’s attorney, Reed Brodsky, stated that his client also “categorically denies the charges and will vigorously defend himself”. He also noted that the SEC had ignored testimony and documents confirming that Wolf purchased South Jersey shares based on an “independent investment strategy.”

Before joining Bank of America in 2012, Wolf held a senior position at Credit Suisse in the energy and renewable energy sector, according to Reuters. Satski has not worked at Bank of America since March 2025.

Bank of America itself is not accused of any wrongdoing, the FT notes. The bank declined to comment on the incident. Evergreen did not immediately respond to a request for comment from Reuters.

This article was AI-translated and verified by a human editor