Quick Facts
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Fine Amount: No fine has been imposed; the SEC is seeking civil monetary penalties against both individuals
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Primary Violation: Alleged insider trading in South Jersey Industries, Inc. ahead of its acquisition announcement
- Regulator: U.S. Securities and Exchange Commission (SEC)
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Relevant Period: 29‑Sep‑2021 - 24‑Feb‑2022
- Action Date: 21-Aug-2026
Overview
On 21 August 2026, the SEC filed fraud charges against Gavin Wolfe and Jason Satsky, two former investment bankers, alleging insider trading in South Jersey Industries, Inc. ahead of its 24 February 2022 announcement that it had agreed to be acquired by a private investment fund. The SEC alleges that the trading generated approximately $18.5 million in profits for Wolfe.
According to reports Satsky was Bank of America's co-head of Americas power and renewable energy banking. Wolfe, who runs Evergreen Capital, was previously a senior power and renewable energy banker at Credit Suisse and later worked at Bank of America. Bank of America is not accused of wrongdoing in the SEC's case.
According to the SEC's complaint, Satsky was the lead banker on the potential acquisition and allegedly passed material nonpublic information to Wolfe, a long-time colleague and close friend. The SEC alleges that Wolfe then acquired more than 2.2 million shares and tipped others whose trading generated approximately $515,000 in further profits.
This is an enforcement action against two individuals, not a fine imposed on a company. As of 03 September 2026 no liability or monetary penalty has been determined. The allegations in the civil complaint are not findings of liability, both defendants deny them, and the claims will be tested through litigation.
Details of the Case
The SEC filed its complaint in the U.S. District Court for the Southern District of New York. It charges Wolfe and Satsky with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
The complaint describes an alleged tipper-and-tippee chain extending from the transaction's deal team to Wolfe's trading accounts and onward to three other traders. It also names the eight entities through which Wolfe allegedly traded as relief defendants. Those entities are not accused of wrongdoing, but the SEC is seeking to recover alleged ill-gotten gains held by them.
Both men deny the allegations. According to Reuters reporting, Satsky says he acted properly and did not provide Wolfe or anyone else with material nonpublic information about South Jersey. Wolfe says he bought the shares on the basis of his own independent investment thesis and intends to defend the case.
WORKED EXAMPLES
Alleged Access to and Disclosure of Inside Information
Satsky was co-head of an energy and utility investment banking group and the lead banker on South Jersey's potential acquisition. The SEC alleges that this gave him access to material nonpublic information, which he passed to Wolfe, a former colleague and close friend.
Trading Ahead of the Announcement
The SEC alleges that Wolfe began buying South Jersey shares in November 2021 and accumulated more than 2.2 million shares at a total cost of at least $53 million. When the acquisition was announced on 24 February 2022, the share price rose by approximately 40% and Wolfe allegedly made approximately $18.5 million in profits.
Alleged Tipping of Other Traders
Wolfe is also alleged to have passed the information to three friends and business colleagues. According to the complaint, each purchased South Jersey shares shortly after Wolfe contacted them and together generated approximately $515,000 in profits.
Trading Through Multiple Entities
The SEC alleges that Wolfe spread his purchases across eight entities that he owned or controlled. These entities are named as relief defendants because the SEC is seeking disgorgement and prejudgment interest from them, although they are not charged with wrongdoing.
Fines and Penalties
No fine or penalty has been imposed. The SEC is asking the court for the following remedies:
- Gavin Wolfe: permanent injunction, civil monetary penalty, officer-and-director bar, disgorgement and prejudgment interest.
- Jason Satsky: permanent injunction, civil monetary penalty, officer-and-director bar and a conduct-based injunction.
- Relief defendants: disgorgement and prejudgment interest in relation to the alleged gains held by the entities.
Key Quotes
"The timing and circumstances of Wolfe's trading demonstrate that he acted on information he received from Satsky." (SEC complaint)
"Wolfe allegedly also tipped others who traded, generating approximately $515,000 in trading profits." (SEC litigation release)
Sources
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