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Market Chatter: US SEC Sues Former Bank of America Senior Banker for Insider Trading

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The US Securities and Exchange Commission has sued former Bank of America (BAC) investment banker Jason Satsky for tipping insider information to a friend, who allegedly made $18.5 million in illegal profits, Bloomberg reported Friday.

Satsky, who previously worked as Bank of America's head of energy and power infrastructure banking, tipped Gavin Wolfe about an acquisition proposal for South Jersey Industries Inc. in Nov. 2021, according to the report, which cited the regulatory.

Meanwhile, the SEC suit didn't name Bank of America as Satsky's then-employer, according to the media outlet, which noted its previous report that federal prosecutors were investigating trades regarding the deal.

A representative for Bank of America did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: $61.83, Change: $-0.03, Percent Change: -0.06%

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