Jason Satsky and Gavin Wolfe attended a college basketball game together on Nov. 9, 2021. The SEC says that meeting launched an insider trading scheme.
The SEC filed a civil action against ex-BofA banker Jason Satsky and his associate Gavin Wolfe, accusing Satsky of disclosing confidential deal information to Wolfe.
The case is a civil enforcement action, not a criminal prosecution. The SEC's theory rests on the timing of Wolfe's purchases, his decades-long relationship with Satsky, and the use of eight entities to buy South Jersey stock. Both men, through their lawyers, have denied the allegations.
Until March 2025, Satsky served as co-head of the energy and power infrastructure banking team at Bank of America. The two men had known each other for over two decades and previously worked together at Credit Suisse Group AG and later at Bank of America, according to their online career histories. Wolfe currently runs his own investment firm.
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According to the SEC, the information was passed along during a November 2021 college basketball game at Madison Square Garden in Utica. South Jersey Industries, a natural utility holding company that was traded on the NYSE, was the subject of the tip. According to the SEC, Satsky served as lead banker on the South Jersey transaction.
The SEC alleges that moments after the game, Wolfe reportedly logged a calendar entry containing the ticker symbols for South Jersey and another company. He then spent the next month buying at least $53 million of shares, allocating them among eight entities under his control.
Infrastructure Investments Fund, which had been backed by JPMorgan Chase & Co., announced in February 2022 an $8.1 billion acquisition of South Jersey Industries. Shares jumped 40% on the news. Wolfe is said to have pocketed $18.5 million in unlawful gains.
The case underscores the SEC's ongoing scrutiny of information leaks in the financial industry. Insider trading cases often hinge on circumstantial evidence, and here the SEC points to the timing of Wolfe's trades and his personal connection to Satsky. The SEC's complaint also notes that Wolfe used multiple entities to execute their purchases, which the SEC sees as an attempt to conceal the activity.
Satsky's lawyer, Bob Anello, denied the allegations. "The enforcement action brought by the SEC is unfounded," Anello said. "Jason did not provide Gavin Wolfe, or anyone else, with material nonpublic information regarding South Jersey Industries. And he did not breach any duty of confidentiality, and the SEC has no evidence he did so because it did not happen."
Wolfe's lawyer, Reed Brodsky, also denied the accusations. "The SEC is pursuing this case even though it cannot identify what was allegedly disclosed, or how it was disclosed, while ignoring sworn, immunized testimony and contemporaneous documents confirming that Mr. Wolfe bought South Jersey shares based on an independent investment thesis," Brodsky said.
The SEC complaint does not identify Bank of America as Satsky's employer at the time, though Bloomberg has reported that federal prosecutors investigated trades related to the transaction. The bank itself faced no allegations of misconduct ("abuse"). A spokesperson for the Manhattan US Attorney's Office declined to comment on the criminal inquiry. According to Wolfe's counsel, there are no criminal charges expected.
The case centers on whether personal relationships and suspicious timing can support an SEC insider trading claim even without direct evidence such as recordings or emails. Civil insider trading enforcement often relies on inferences from unusual trading patterns, and the SEC has long pursued tips passed through social settings. The SEC's decision to bring this action despite denials and available defenses will now be tested in court, with both sides pointing to the same paper trail to support their arguments.
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