The US Securities and Exchange Commission has accused former Bank of America Corp. senior investment banker Jason Satsky of insider trading related to an acquisition deal involving South Jersey Industries Inc.

According to the SEC, Satsky allegedly provided confidential information about the acquisition offer to his friend Gavin Wolfe during a November 2021 basketball game. Wolfe is accused of using this insider information to make approximately $18.5 million in illegal profits from trading activities.

Satsky previously served as Bank of America's head of energy and power infrastructure banking before leaving the firm. The SEC filed lawsuits against both Satsky and Wolfe on Friday, alleging violations of federal securities laws.

The case highlights ongoing regulatory scrutiny of insider trading activities among financial professionals. The SEC's enforcement division continues to investigate potential connections and additional parties involved in the alleged scheme.