Ex-Bank of America banker charged with insider tip that netted friend $18.5 million
The SEC has filed insider-trading charges against former Bank of America banker Jason Satsky, alleging he leaked confidential takeover details to friend Gavin Wolfe, who earned about $18.5 million.
The U.S. Securities and Exchange Commission has accused former Bank of America senior banker Jason Satsky of providing insider information to longtime associate Gavin Wolfe regarding a planned $8.1 billion purchase of South Jersey Industries. Wolfe, who runs Evergreen Capital, allegedly purchased more than 2.2 million shares worth about $53 million after receiving the tip, later profiting roughly $18.5 million when the transaction was disclosed.
The SEC’s complaint highlights several exchanges between the two, notably a meeting at a nationally televised Duke-Kentucky basketball game at Madison Square Garden. Satsky, who left Bank of America in March 2025, and Wolfe both assert they acted independently and deny wrongdoing. The agency is pursuing disgorgement of the gains, civil fines and possible bans from serving as officers or directors. The case remains pending, with neither party having been convicted.
Why it matters
The case highlights potential abuse of privileged corporate information and could affect investor confidence in market fairness.
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