The Securities and Exchange Commission has charged two bankers, including a former senior investment banker from Bank of America, with fraud involving alleged insider trading, the commission said Friday.
Jason Satsky, who was co-head of the Charlotte, North Carolina-based bank’s energy and utility group, allegedly tipped off his friend and former colleague Gavin Wolfe, who runs New York-based firm Evergreen Capital, on “material nonpublic information” regarding a potential acquisition involving South Jersey Industries, Inc., which Satsky advised.
Wolfe, who had previously worked at both Bank of America and Credit Suisse as an investment banker, then purchased over 2.2 million shares of South Jersey stock, the SEC alleged, making roughly $18.5 million when the stock price rose following the acquisition announcement in February 2022.
Wolfe allegedly tipped off others who then generated $515,000 in profits after the deal, the SEC alleged.
“Satsky knowingly or recklessly communicated material nonpublic information about South Jersey’s potential acquisition to Wolfe, breaching his duty of trust and confidence to [Bank of America], South Jersey, and South Jersey’s shareholders,” the lawsuit, filed in the U.S. District Court for the Southern District of New York, alleged. “Satsky tipped Wolfe material nonpublic information for his own personal benefit. The two men had a close friendship and a long history of exchanging favors, both personal and professional, that extended to their families.”
Satsky “strongly denies the SEC’s allegations and is confident that the evidence will demonstrate that he acted properly and that he will be fully vindicated,” his attorney, Robert Anello, said in a statement to Reuters. “Jason did not provide Gavin Wolfe, or anyone else, with material nonpublic information regarding South Jersey Industries.”
Wolfe “categorically denies the allegations,” his attorney, Reed Brodsky, told Reuters, and he will “vigorously defend himself.” Brodsky told the wire service that the SEC ignored sworn testimony and documents showing that his client purchased shares of South Jersey based on an “independent investment thesis.”
Satsky is currently co-managing director at Climate Real Impact Solutions, a special purpose acquisition company, according to his LinkedIn. Wolfe is managing partner at Wolfe Holdings LLC, an affiliate of Evergreen Capital, according to his LinkedIn.
The SEC’s complaint seeks permanent injunctions, civil monetary penalties and officer-and-director bars against Wolfe and Satsky, disgorgement and prejudgment interest against Wolfe, and a conduct-based injunction against Satsky.
The entities through which Wolfe allegedly traded, including Evergreen Capital and Evergreen Financial, were named as relief defendants. The SEC is seeking disgorgement and prejudgment interest against the entities.
A spokesperson for Bank of America, which is not accused of any wrongdoing, declined to comment. Bank of America terminated Satsky in March 2025.
