The Securities and Exchange Commission has charged two former Wall Street investment bankers with insider trading ahead of an $8.1 billion utility acquisition. The complaint alleges that Jason Satsky, a former co-head of Bank of America’s power and renewables banking group, tipped his close friend Gavin Wolfe before South Jersey Industries announced its sale in February 2022.
What happened
According to the SEC’s complaint, filed August 21, 2026 in the Southern District of New York, Wolfe bought more than 2.2 million shares of South Jersey Industries between November and December 2021. The purchases cost at least $53 million and were spread across eight entities under Wolfe’s control.
When the acquisition was announced on February 24, 2022, the stock rose roughly 40 percent in one session, closing at $32.84. Wolfe’s unrealized profits totaled approximately $18.5 million, a net return of about 36 percent.
Satsky was the lead investment banker on the deal. The SEC alleges he possessed inside information from September 29, 2021 onward, the day South Jersey’s chief executive called him about hiring the bank for a potential sale.
Key facts in the SEC complaint
| Detail | Alleged facts |
|---|---|
| Tipper | Jason Satsky, former co-head of Americas power and renewables banking at Bank of America |
| Trader | Gavin Wolfe, former Bank of America managing director and friend of more than 20 years |
| Stock | South Jersey Industries, a natural gas utility holding company |
| Deal | Cash acquisition at $36 per share by Infrastructure Investments Fund |
| Purchases | More than 2.2 million shares costing at least $53 million |
| Alleged profits | Approximately $18.5 million |
| Alleged tippee profits | About $515,000 across three friends |
The timeline regulators laid out
On the evening of November 9, 2021, Satsky and Wolfe attended a college basketball game together at Madison Square Garden. Around midnight, Wolfe created a calendar entry reading SJi and njr, shorthand the SEC identifies as the ticker symbols for South Jersey Industries and New Jersey Resources.
The next morning, Wolfe transferred nearly $2.2 million into a trading account and directed his investment manager to begin buying South Jersey stock. He had never owned the stock before November 2021.
In the prior three and a half years, Wolfe’s largest single-month stock purchases had ranged from about $2.4 million to $16.6 million. The $53 million position sat far outside that range, the complaint notes.
Attempts to conceal the trading
After the announcement, a financial regulator prompted Bank of America to review the trading. In an August 2022 response to FINRA, Satsky allegedly described his relationship with Wolfe as routine client contact, omitting their friendship and frequent personal communications.
The complaint states Satsky called Wolfe repeatedly after submitting that response, including calls lasting more than 20 minutes on August 30 and September 1, 2022. Bank of America terminated Satsky in March 2025.
What happens next in the case
The case is SEC v. Wolfe and Satsky, No. 1:26-civ-7132. Both men are charged with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. The SEC seeks permanent injunctions, civil penalties, disgorgement from Wolfe, and officer-and-director bars against both men.
Both defendants deny the allegations. Wolfe’s attorney has said his client built the position on an independent investment thesis supported by sworn testimony and contemporaneous documents. Satsky’s lawyer describes him as a respected banker whose handling of confidential information had never before been questioned.
Why insider trading enforcement matters to shareholders
Insider trading cases rarely produce a single identifiable victim who can be made whole. The harm is spread across every shareholder who sold South Jersey stock in late 2021 while trading against a buyer who allegedly knew a $36 per share deal was coming.
Investors who suspect they traded against undisclosed inside information have limited but real options. A securities attorney can pull trade records and assess whether enforcement recoveries or other claims apply to a specific account.
Frequently asked questions
Who is Jason Satsky?
Jason Satsky of Livingston, New Jersey was co-head of Bank of America’s Americas power and renewables energy and utility investment banking group. He served as lead banker on the South Jersey Industries sale process.
How much did Gavin Wolfe allegedly make?
The SEC alleges Wolfe made approximately $18.5 million in unrealized profits, plus about $515,000 in profits by three people he allegedly tipped.
Was Bank of America charged?
No. The complaint names only Satsky and Wolfe as defendants. Bank of America was not accused of wrongdoing and has confirmed Satsky no longer works at the firm.
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