On August 21, 2026, the U.S. Securities and Exchange Commission charged two Wall Street investment bankers – Gavin Wolfe and Jason Satsky – with insider trading. Both defendants were charged for their roles in an alleged scheme to illegally purchase securities of South Jersey Industries, Inc. before its planned acquisition by a private investment fund.
According to the SEC’s complaint, Satsky obtained material nonpublic information (“MNPI”) regarding the acquisition while he was serving as Co-Head of an energy and utility group at a New York investment bank that advised South Jersey Industries on the potential acquisition. He was also serving as the lead banker on the transaction when he allegedly shared MNPI regarding the deal with Wolfe, his close friend and long-time business colleague. Wolfe allegedly used the MNPI to purchase more than 2.2 million shares of stock, which reportedly generated roughly $18.5 million in illegal profits after the acquisition was announced and the stock price rose by nearly 40 percent. Wolfe also reportedly shared the tip with three friends and business colleagues who also traded in South Jersey Industries securities and generated approximately $515,000 in profits.
According to the complaint, which was filed in the U.S. District Court for the Southern District of New York, Wolfe and Satsky have been charged with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC is seeking permanent injunctions, civil monetary penalties, and officer-and-director bars against both defendants. The SEC is also seeking disgorgement of ill-gotten gains and prejudgment interest against Wolfe and the eight entities that Wolfe used to make his trades, that are named as relief defendants in the complaint.
SEC Litigation Release | SEC Complaint