• The SEC has charged former Bank of America banker Jason Satsky and investor Gavin Wolfe with alleged insider trading
• Regulators claim confidential information about South Jersey Industries' acquisition generated approximately $18.5 million in profits
• The SEC alleges Wolfe also tipped others who earned an additional $515,000
• Both defendants strongly deny the allegations and say they will vigorously contest the case
• Bank of America is not accused of wrongdoing and terminated Satsky in March 2025
• The SEC is seeking injunctions, financial penalties, disgorgement and officer-and-director bars 

The Securities and Exchange Commission has charged two veteran investment bankers with securities fraud, alleging they used confidential merger information to generate millions of dollars in illegal trading profits ahead of the acquisition of South Jersey Industries in 2022.

The civil complaint, filed in the U.S. District Court for the Southern District of New York, names former Bank of America senior investment banker Jason Satsky and Gavin Wolfe, founder of New York investment firm Evergreen Capital.

The regulator alleges the pair exploited material non-public information relating to a planned acquisition of South Jersey Industries, a utility company that Bank of America was advising during the transaction.

According to the SEC, Satsky, who served as co-head of Bank of America's Energy and Utility Group, disclosed confidential details of the pending acquisition to Wolfe, a longtime friend and former banking colleague.

The complaint alleges Satsky "knowingly or recklessly communicated material nonpublic information about South Jersey's potential acquisition to Wolfe, breaching his duty of trust and confidence" owed to Bank of America, South Jersey Industries and the company's shareholders.

The SEC further claims the information was provided for Satsky's personal benefit because of what it described as "a close friendship and a long history of exchanging favors, both personal and professional, that extended to their families."

Armed with the confidential information, Wolfe allegedly purchased more than 2.2 million shares of South Jersey Industries before the acquisition became public in February 2022.

When the transaction was announced and the company's share price increased, the SEC alleges Wolfe realized approximately $18.5 million in profits.

The regulator also contends that Wolfe subsequently tipped other individuals, enabling them to generate an additional $515,000 through trading in South Jersey shares before the market was informed of the deal.

Both defendants have strongly denied the allegations.

Satsky's attorney, Robert Anello, said his client "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."

Anello added: "Jason did not provide Gavin Wolfe, or anyone else, with material nonpublic information regarding South Jersey Industries."

Wolfe has also rejected the SEC's claims. His attorney, Reed Brodsky, said his client "categorically denies the allegations" and intends to "vigorously defend himself."

Brodsky further argued that the SEC had ignored sworn testimony and documentary evidence demonstrating Wolfe purchased the shares based on an "independent investment thesis" rather than confidential information.

Neither individual currently works in the roles they held during the period covered by the complaint.

Satsky now serves as co-managing director of Climate Real Impact Solutions, a special purpose acquisition company. Wolfe is managing partner of Wolfe Holdings, an affiliate of Evergreen Capital.

Bank of America, which has not been accused of any wrongdoing, declined to comment on the SEC's action. The bank terminated Satsky's employment in March 2025.

The SEC is seeking a range of remedies through the courts, including permanent injunctions, civil monetary penalties and officer-and-director bars against both men.

The regulator is also pursuing disgorgement of the alleged trading profits, together with prejudgment interest, against Wolfe and the investment entities through which the trades were allegedly executed, including Evergreen Capital and Evergreen Financial.

The case represents another high-profile insider trading action by the SEC as the agency continues to pursue individuals accused of exploiting confidential corporate information obtained through positions of trust.

The allegations remain unproven, and the claims will now be tested through the U.S. court system.