Story perspectives

SEC Charges Bank of America Traders in $8.1B Deal

8/22/2026

Summary

Story summary

The SEC charged Bank of America banker Jason Satsky and Gavin Wolfe with insider trading.
Satsky tipped Wolfe about South Jersey Industries’ $8.1 billion acquisition on Nov. 9, 2021.
Wolfe bought over 2.2 million shares for at least $53 million, profiting $18.5 million after a 40% jump.
The SEC seeks injunctions, penalties, disgorgement, interest and bars after an Attorney’s Office declined comment.
Bank of America placed Satsky on leave in 2024 and dismissed him 2026.

History

Historical Context

In June 2003 the SEC indicted Martha Stewart for insider trading, marking one of the agency’s first high-profile convictions of a corporate celebrity. The case helped shape a wave of later enforcement, including the 2009 Rajaratnam insider-trading crackdown and a record 735 actions in FY 2011 that generated $2.8 billion in penalties. SEC’s renewed focus now underpins suits against Bank of America, echoing the Stewart precedent.

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Story summary

The SEC charged Bank of America banker Jason Satsky and Gavin Wolfe with insider trading.
Satsky tipped Wolfe about South Jersey Industries’ $8.1 billion acquisition on Nov. 9, 2021.
Wolfe bought over 2.2 million shares for at least $53 million, profiting $18.5 million after a 40% jump.
The SEC seeks injunctions, penalties, disgorgement, interest and bars after an Attorney’s Office declined comment.
Bank of America placed Satsky on leave in 2024 and dismissed him 2026.

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