SEC Regluation News: Insider Trading Case Against Evergreen Capital Associate

In SEC regulation news, the US Securities and Exchange Commission has filed an insider trading case against Jason Satsky, a former senior investment banker at Bank of America, and Gavin Wolfe, a longtime friend and former colleague who runs Evergreen Capital.

The SEC alleges that Satsky provided Wolfe with material nonpublic information about the pending acquisition of South Jersey Industries, an energy holding company that Bank of America was advising.

𝗦𝗘𝗖 𝗖𝗵𝗮𝗿𝗴𝗲𝘀 𝗘𝘅-𝗕𝗼𝗳𝗔 𝗕𝗮𝗻𝗸𝗲𝗿 𝗶𝗻 $𝟭𝟴.𝟱𝗠 𝗦𝗼𝘂𝘁𝗵 𝗝𝗲𝗿𝘀𝗲𝘆 𝗜𝗻𝘀𝗶𝗱𝗲𝗿 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗖𝗮𝘀𝗲

🚨 The SEC has charged former Bank of America banker Jason Satsky and Gavin Wolfe over alleged insider trading linked to South Jersey Industries. The… pic.twitter.com/RAYxcBlbFO

— Analytics Insight (@analyticsinme) August 22, 2026

According to the SEC’s litigation release, Wolfe allegedly bought more than 2.2 million shares of South Jersey Industries before the acquisition was announced and realized approximately $18.5M in profits after the stock price rose. The SEC also alleges that Wolfe tipped others whose trading generated approximately $515,000 in profits.

The complaint focuses on how confidential deal information allegedly moved through a longstanding personal and professional relationship rather than through a public or formal market channel. Both defendants have denied the allegations through counsel.

SEC Regulation News: What the Commission Alleges About the South Jersey Industries Deal

The SEC filed fraud charges against Wolfe and Satsky on August 21, 2026, in the U.S. District Court for the Southern District of New York. The agency alleges that Satsky was co-head of an energy and utilities group at a New York investment bank that advised South Jersey Industries on its potential acquisition and served as lead banker on the transaction.

South Jersey Industries announced on February 24, 2022, that it had agreed to be acquired by a private investment fund. Reuters reported that the buyout was valued at approximately $8.1Bn. The SEC alleges that Satsky tipped Wolfe off to the potential acquisition before the announcement.

Wolfe and Satsky had been friends for more than 20 years and were also former colleagues. Reuters reported that they communicated multiple times about a possible acquisition.

This included when they and their wives attended a nationally televised Duke-Kentucky college basketball game at Madison Square Garden. Satsky had luxury-box seats obtained through Bank of America, according to Reuters.

The SEC alleges that Wolfe purchased more than 2.2 million South Jersey Industries shares, valued at about $53M.

The agency said Wolfe earned approximately $18.5M as the stock price rose by approximately 40% following the acquisition announcement. Reuters reported a 36% gain on Wolfe’s position.

(SOURCE: Investing.com)

Personal Relationships and Confidential Deal Information

The SEC’s allegations place a longstanding friendship at the center of the case. The agency alleges that confidential information regarding a potential corporate transaction was shared between two people with a long-standing business and personal relationship.

The reported Madison Square Garden gathering is among the interactions cited in reporting on the matter. The SEC alleges that Satsky and Wolfe communicated multiple times about the potential acquisition before the transaction became public.

Bank of America was not accused of wrongdoing. The bank confirmed that Satsky no longer works there, and the SEC regulation team said that Bank of America terminated him in March 2025.

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Charges and Requested Remedies

$18.5M Courtroom Clash: SEC Accuses Ex-Banker of High-Stakes Insider Tipping

The U.S. Securities and Exchange Commission charged Jason Satsky, a former Bank of America investment banker, with insider trading. Regulators allege Satsky tipped long-time friend Gavin Wolfe about an… pic.twitter.com/Ph76wfSCAy

— TechShots (@techshotsapp) August 22, 2026

The SEC’s complaint charges Wolfe and Satsky with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. The agency seeks permanent injunctions, civil monetary penalties, and officer-and-director bars against both Wolfe and Satsky.

The complaint separately seeks disgorgement and prejudgment interest against Wolfe. It also seeks a conduct-based injunction against Satsky. The SEC named several entities through which Wolfe allegedly traded as relief defendants and seeks disgorgement and prejudgment interest against those entities.

Satsky’s lawyer said that Satsky denies providing Wolfe or anyone else with material nonpublic information regarding South Jersey Industries and expects the evidence to support his position.

Wolfe’s lawyer said Wolfe denies the allegations and maintains that his South Jersey Industries purchases were based on an independent investment thesis. The lawyer also said the SEC regulation team had overlooked sworn testimony and documents supporting that account.