Full Breakdown
SEC Charges Former Bank of America Banker and Friend with Insider Trading
8/22/2026, 8:30:05 AM
Core Event: Alleged Tip and $18.5 Million Profit
On August 21, 2026, the U.S. Securities and Exchange Commission (SEC) filed a civil complaint in the Southern District of New York accusing former Bank of America senior investment banker Jason Satsky and his longtime friend Gavin Wolfe of insider trading. The SEC alleges that Satsky, co-head of Bank of America’s energy and power infrastructure banking team, disclosed material nonpublic information about a pending acquisition of South Jersey Industries Inc. to Wolfe while they attended a college basketball game in November 2021.
Wolfe allegedly used the tip to purchase more than 2.2 million shares of South Jersey stock—costing at least $53 million—through eight entities he controlled. When the acquisition was announced, the stock rose roughly 40%, generating an estimated $18.5 million profit for Wolfe and about $515,000 in paper gains for three other friends who received the same tip.
Background & Context: Deal, Investigation, and Legal Action
South Jersey Industries Inc., a natural-gas utility holding company, agreed on February 24, 2022 to be acquired by the Infrastructure Investments Fund, a private vehicle backed by JPMorgan Chase & Co., at $36 per share in a deal valued at $8.1 billion. The announcement caused the stock surge that underpinned Wolfe’s gains.
The SEC’s complaint accuses both men of violating Section 10(b) of the Securities Exchange Act and Rule 10b-5. Relief sought includes permanent injunctions, civil penalties, officer-and-director bars against Satsky, disgorgement and prejudgment interest against Wolfe, and a conduct-based injunction against Satsky.
Bank of America is not named as a defendant. The firm placed Satsky on leave after learning of a federal inquiry and dismissed him in early 2026 as part of broader layoffs, though it has not concluded that he acted improperly.
Data & Statistics
- Tip date: November 2021 (basketball game)
- Shares purchased: >2.2 million South Jersey shares
- Investment amount: >=$53 million across eight entities
- Profit to Wolfe: ?$18.5 million after the 40% stock jump
- Additional profit to others: ?$515,000 from three friends
- Acquisition value: $8.1 billion; stock price $36 per share
Official Statements & Responses
Verbatim Quotes
- “The enforcement action brought by the SEC is unfounded,” — Bob Anello
Conflicting Reports & Gaps
The SEC complaint identifies eight entities used by Wolfe, but public filings do not disclose the exact names of all entities beyond those listed in the complaint (e.g., Evergreen Capital L.P., Evergreen Financial LLC, Empire Property Management LLC, GAW Holdings). The precise mechanism by which the tip was communicated—whether verbally at the game or via subsequent messages—is described only in the complaint; no independent corroboration has been presented.
What’s Next
The SEC seeks court orders for disgorgement, penalties, and injunctions. The Manhattan U.S. Attorney’s Office has not confirmed whether a parallel criminal investigation will proceed. Both defendants are expected to contest the allegations in court.
