The U.S. Securities and Exchange Commission (SEC) has filed insider trading charges in the U.S. District Court for the Southern District of New York against two former Bank of America investment bankers, Jason Satsky and Gavin Wolfe.
The U.S. Securities and Exchange Commission (SEC) charged two bankers including a former senior investment banker at Bank of America with fraud on Friday over an alleged insider trading scheme.
Jason Satsky, former co-head of Bank of America’s power and renewable energy group, allegedly leaked material nonpublic information about the potential acquisition of South Jersey Industries, Inc. (which Satsky was advising) to his close friend Gavin Wolfe, head of New York-based Evergreen Capital.
Using his background as a former Bank of America and Credit Suisse investment banker, Wolfe subsequently bought more than 2.2 million shares of South Jersey stock netting approximately $18.5 million in illicit profits when the buyout was announced in February 2022, according to the SEC.
Wolfe also allegedly passed the confidential information to additional individuals generating an extra $515,000 in illicit profits following the deal’s announcement, the SEC stated.
In a lawsuit filed in the U.S. District Court for the Southern District of New York, the SEC alleged that Satsky knowingly or recklessly breached his fiduciary duty to Bank of America, South Jersey and its shareholders by tipping Wolfe for personal benefit, pointing to the pair’s close friendship and long history of trading personal and professional favors.
Satsky’s attorney, Robert Anello rejected the SEC’s claims in a statement to Reuters, saying that Satsky strongly denies any wrongdoing and did not leak confidential information about South Jersey Industries to Wolfe or anyone else and remains confident the evidence will fully clear his name.
Wolfe’s attorney, Reed Brodsky told Reuters that his client “categorically denies the allegations” and will “vigorously defend himself,” arguing that the SEC ignored sworn testimony and documentary evidence proving Wolfe bought South Jersey stock based solely on an independent investment thesis.
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According to their LinkedIn profiles, Satsky now serves as co-managing director at the special purpose acquisition company Climate Real Impact Solutions, while Wolfe is managing partner at Wolfe Holdings LLC, an affiliate of Evergreen Capital.
The SEC’s complaint seeks permanent injunctions, civil monetary penalties, and officer-and-director bars against both Wolfe and Satsky, alongside disgorgement of ill-gotten gains with prejudgment interest against Wolfe and a conduct-based injunction against Satsky.
The entities through which Wolfe allegedly conducted the trades including Evergreen Capital and Evergreen Financial were named as relief defendants with the SEC seeking disgorgement of ill-gotten gains plus prejudgment interest from them.
A spokesperson for Bank of America which is not accused of any wrongdoing declined to comment on the case. The bank terminated Satsky in March 2025.
