Gavin Wolfe; Jason Satsky, Defendants; and Evergreen Capital L.P., Evergreen Financial LLC, Empire Property Management LLC, GAW Holdings, LLC, SA 1055 LLC, SA 1057 LLC, SA 1082 LLC, and SA 1083 LLC, Relief Defendants

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26617 / August 21, 2026

Securities and Exchange Commission v. Gavin Wolfe et al., No. 1:26-civ-7132 (S.D.N.Y. filed Aug. 21, 2026)

SEC Charges Former Investment Bankers with Insider Trading

On August 21, 2026, the Securities and Exchange Commission filed fraud charges against Gavin Wolfe and Jason Satsky, two former Wall Street investment bankers, for allegedly engaging in insider trading in South Jersey Industries, Inc. in advance of its February 24, 2022 announcement that it had agreed to be acquired by a private investment fund.

As alleged in the SEC’s complaint, Satsky was the Co-Head of an energy and utility group at a New York investment bank that advised South Jersey on the potential acquisition and served as the lead banker on the transaction. According to the complaint, Satsky tipped his long-time business colleague and close friend, Wolfe, material nonpublic information regarding the potential acquisition. As alleged, Wolfe bought over 2.2 million shares of South Jersey stock on the basis of the information he received from Satsky and made approximately $18.5 million when the stock price rose by approximately 40% after the acquisition was announced. Wolfe allegedly also tipped others who traded, generating approximately $515,000 in trading profits.

The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges Wolfe and Satsky with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint seeks permanent injunctions, civil monetary penalties and officer-and-director bars against Wolfe and Satsky, disgorgement and prejudgment interest against Wolfe, and a conduct-based injunction against Satsky. The complaint names the entities through which Wolfe allegedly traded—Evergreen Capital, L.P., Evergreen Financial LLC, Empire Property Management LLC, GAW Holdings, LLC, SA 1055 LLC, SA 1057 LLC, SA 1082 LLC, and SA 1083 LLC—as relief defendants, and seeks disgorgement and prejudgment interest against them.

The investigation of this matter was conducted by Cynthia A. Matthews and George N. Stepaniuk of the SEC’s New York Regional Office and was supervised by Sheldon L. Pollock. The litigation will be led by Travis Hill, Hayden Brockett and Christopher Kelly and supervised by Daniel Loss and Christopher Colorado.