The U.S. Securities and Exchange Commission (SEC) charged Jason Satsky with insider trading.
Satsky co-headed Bank of America's Americas power and renewable energy banking division. He allegedly provided confidential information to friend Gavin Wolfe. The information related to the pending $8.1 billion acquisition of South Jersey Industries.
Wolfe allegedly used this tip to acquire shares in South Jersey Industries before the deal was publicly announced.
This activity allegedly resulted in approximately $18.5 million in illegal profits. The stock price surged around 40% on the acquisition news.
Bank of America terminated Satsky in March 2025. The bank was not accused of wrongdoing.