Federal regulators have filed civil charges against Jason Satsky, a former senior executive at Bank of America's investment banking division, accusing him of sharing confidential information about a major corporate acquisition with a longtime associate. The Securities and Exchange Commission alleges that Satsky's disclosure enabled Gavin Wolfe to execute a highly profitable trading strategy, netting approximately $18.5 million in unlawful gains during the final months of 2021 and early 2022.
Satsky held the position of co-head for Americas power and renewable energy banking at Bank of America when he allegedly tipped Wolfe about the forthcoming acquisition of South Jersey Industries, a significant player in the energy sector that the bank was actively advising. According to the SEC's complaint, this tip provided Wolfe with a substantial informational advantage in the marketplace, enabling him to position himself strategically ahead of the public announcement.
The relationship between the two men spanned more than two decades, with Wolfe currently heading Evergreen Capital, an asset management firm focused on family wealth management. Documents and regulatory filings indicate that Wolfe acquired more than 2.2 million shares in the parent company of South Jersey Gas, representing an initial investment of approximately $53 million. When South Jersey Industries announced its $8.1 billion acquisition on February 24, 2022, the share price movement delivered Wolfe a handsome 36 percent return on his position, translating into the alleged illicit profits of $18.5 million.
The SEC's investigation uncovered evidence suggesting the two men engaged in multiple communications regarding the pending acquisition, maintaining contact through various channels even in informal social settings. Notably, the regulators documented that Satsky and Wolfe, together with their respective spouses, attended a high-profile college basketball game between Duke and Kentucky at Madison Square Garden, where Satsky had access to premium seating arrangements through his employer. This gathering appears in the regulatory narrative as one instance where the alleged coordination may have occurred outside the office environment.
The enforcement action seeks to recover all profits that Wolfe obtained through his trading activity, along with civil monetary penalties against both defendants. The SEC is also pursuing officer-and-director bars, which would prevent Satsky and Wolfe from serving in similar capacities at publicly traded companies. Bank of America itself faces no accusations in the matter, having already terminated Satsky's employment in March 2025 after the investigation became public.
Satsky, aged 59 and residing in New York, has mounted a vigorous defence through his legal representation. His attorney, Robert Anello, issued a statement characterizing the allegations as unfounded and asserting that his client exercised appropriate conduct throughout the period in question. Anello specifically denied that Satsky conveyed any material non-public information to Wolfe or any other party regarding South Jersey Industries, suggesting instead that any trading decisions were made independently by Wolfe based on legitimate analysis.
Wolfe's legal team has similarly rejected the SEC's characterisation of events. His counsel, Reed Brodsky, stated that his client entirely disputes the allegations and intends to mount a comprehensive defence. Brodsky pointed to sworn testimony and documentary evidence that Wolfe claims demonstrate he pursued an independent investment strategy regarding South Jersey shares, rather than acting on inside information provided by Satsky. This defence strategy emphasises the autonomy of Wolfe's investment decision-making process.
Historical professional ties between the defendants may have facilitated their relationship. Both men previously worked at Credit Suisse within the power and renewable energy banking sector before they joined Bank of America together in 2012. This shared career history suggests they maintained connections within a specialised industry niche and likely possessed overlapping professional networks and expertise. Wolfe subsequently established Evergreen Capital, focusing on wealth preservation within his family circle.
The charges reflect ongoing regulatory vigilance regarding insider trading violations, particularly within investment banking environments where access to material non-public information is inherent to the business model. For Malaysian investors and regional financial institutions, the case underscores the importance of compliance frameworks and information barriers that international financial firms must maintain, particularly when dealing with cross-border transactions and advisory relationships. The outcome of this matter may influence how regional banks and investment firms operating across jurisdictions structure their compliance programmes and information governance protocols to prevent similar violations.
