SEC Accuses Former Bank of America Banker of $18.5 Million Insider Scheme

Satsky, formerly the bank's co-head of Americas power and renewable energy, allegedly tipped Wolfe in late 2021 regarding the pending buyout of energy holding company South Jersey Industries. Following these communications, Wolfe—who manages the firm Evergreen Capital—purchased over 2.2 million shares valued at approximately $53 million. When the deal was publicly announced on February 24, 2022, Wolfe realized a 36% gain on his position.

The SEC lawsuit seeks to claw back these profits while imposing civil penalties and officer-and-director bans on both men. Bank of America, which was not accused of wrongdoing, confirmed that Satsky is no longer with the firm, having been terminated in March 2025.

Attorneys for both defendants have rejected the charges. Robert Anello, representing Satsky, stated that his client acted properly and provided no material nonpublic information. Similarly, Wolfe’s lawyer, Reed Brodsky, asserted that the SEC ignored evidence showing the trades were based on an independent investment thesis rather than illicit tips. The two men share a professional history dating back to their time at Credit Suisse before joining Bank of America together in 2012.