Regulator says Jason Satsky helped a friend make $18.5mn in illegal profits tied to planned takeover of South Jersey Industries

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, who was Bank of America’s co-head of Americas power and renewable energy banking, allegedly tipped Gavin Wolfe in late 2021 about the potential acquisition of South Jersey Industries, an energy holding company that the bank was advising. The SEC said Wolfe, who runs the firm Evergreen Capital and has been Satsky's friend for more than 20 years, bought more than 2.2 million shares of the South Jersey Gas parent worth about $53 million, and realized a 36 per cent gain after the company announced an $8.1 billion buyout on February 24, 2022.

Former senior Bank of America Corp. investment banker Jason Satsky passed on confidential information about a deal to a friend who made $18.5 million in illegal profits, according to the US Securities...

Jason Satsky, ex-banqueiro sênior de investimentos do Bank of America Corp. (BofA), foi acusado pela Comissão de Valores Mobiliários dos EUA (...

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

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