The regulator charged an ex-Bank of America banker with insider trading for allegedly alerting a friend to a pending deal, resulting in an $18.5 ‌million windfall for the friend, who was also charged.

The Securities and Exchange Commission has charged two bankers, including a former senior investment banker from Bank of America, with fraud involving alleged insider trading, the commission said Friday.

Jason Satsky, who was co-head of the Charlotte, North Carolina-based bank’s energy and utility group, allegedly tipped off his friend and former colleague Gavin Wolfe, who runs New York-based firm ​Evergreen Capital, on “material nonpublic information” regarding a potential acquisition involving South Jersey Industries, Inc., which Satsky advised.

Wolfe, who had previously worked at both Bank of America and Credit Suisse as an investment banker, then purchased over 2.2 million shares of South Jersey stock, the SEC alleged, making roughly $18.5 million when the stock price rose following the acquisition announcement in February 2022.

Wolfe allegedly tipped off others who then generated $515,000 in profits after the deal, the SEC alleged.

S. District Court for the Southern District of New York, alleged. “Satsky tipped Wolfe material nonpublic information for his own personal benefit.

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