Ex-BofA banker charged in $18.5M insider trading

The SEC has charged former Bank of America banker Jason Satsky and his associate Gavin Wolfe in a sprawling insider-trading case tied to South Jersey Industries’ $8.1 billion takeover, with Wolfe accused of profiting about $18.5 million by trading about 2.2 million shares on nonpublic information. The complaints describe a years-long relationship between the two men and detail how Satsky allegedly provided confidential deal information while leading the South Jersey advisory effort, with purchases routed through multiple relief entities and a total investment around $53 million. The case, filed in the Southern District of New York under docket 1:26-cv-07132, notes a series of pre-announcement conversations—including at a Duke-Kentucky game—before Wolfe’s trades and the stock’s roughly 40% climb after the February 24, 2022 announcement. Bank of America reportedly facilitated some of the context of the alleged misconduct, and the bank terminated Satsky in March 2025 as the inquiry intensified. The U.S. attorney’s office has also been examining the same South Jersey transaction for more than a year, though no criminal charges have yet been filed in that aspect, highlighting ongoing tensions between civil and criminal probes. The SEC is seeking ill-gotten gains, civil penalties, and prohibitions on serving as officers or directors for the indicted individuals, as the broader investigation continues.