SEC v. Carlos Sacanell, No. LR-26168, Eastern District of Pennsylvania (Oct. 31, 2024) — Press Release
raw: Carlos Sacanell
Carlos Sacanell, No. LR-26168 (Oct. 31, 2024)
summary
Carlos Sacanell was charged by the SEC for insider trading on the CVS Health acquisition of Oak Street Health, resulting in $617,000 in illegal profits.
paragraph
Carlos Sacanell is charged with violating Section 10(b) of the Securities Exchange Act and Rule 10b-5 for insider trading ahead of the CVS Health acquisition of Oak Street Health. His trades in stock and call options generated approximately $617,000 in illegal profits. The SEC is seeking permanent injunctive relief, disgorgement, civil penalties, and an officer-and-director bar.
narrative
The SEC charged Carlos Sacanell with insider trading regarding the acquisition of Oak Street Health by CVS Health Corporation. Sacanell allegedly obtained material nonpublic information through his long-term relationship with a senior executive at Oak Street Health. Using this confidential data, he purchased stock and call options, becoming the largest retail investor in Oak Street call options. These trades resulted in approximately $617,000 in illegal profits following the public announcement. The SEC is seeking permanent injunctive relief, disgorgement with interest, civil penalties, and an officer-and-director bar. Additionally, Sacanell faces parallel criminal charges from the U.S. Attorney's Office for the Eastern District of Pennsylvania.
Classified insider-trading(confidence 99%). EDGAR detection: forms 4/3/5/144· recall 81% / precision 19%. detection rule →
Parties
Securities and Exchange CommissionCarlos Sacanell
Keywords
sacanellcarlos sacanellsecurities exchangeexchange commissioneastern pennsylvaniaoakstreetcarlossecuritiesexchangepennsylvaniainsider tradingcall optionsattorney's easternmarket abuse
Extracted insights
Dollar amounts 1
- $617K $617,000 $100K–$1M
Entities 8
- person Carlos Sacanell
- court complaint in u.s. district court
- organization CVS Health Corporation, Inc.
- person material nonpublic information
- organization Oak Street Health, Inc.
- person permanent injunctive relief
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
Triples 9
- Securities And Exchange Commission charged Carlos Sacanell
- Carlos Sacanell purchased Oak Street stock and call options
- Carlos Sacanell made $617,000 in illegal profits
- Securities And Exchange Commission seeks permanent injunctive relief
- Securities And Exchange Commission filed complaint in U.S. District Court
- U.S. Attorney's Office announced criminal charges against Carlos Sacanell
- Carlos Sacanell was in relationship with senior executive at Oak Street
- Senior executive at Oak Street shared material nonpublic information
- CVS Health Corporation, Inc. agreed to acquire Oak Street Health, Inc.
Extracted body text (2,116c)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26168 / October 31, 2024 Securities and Exchange Commission v. Carlos Sacanell, No. 24-cv-5839 (E.D. Pa. filed Oct. 31, 2024) SEC Charges Philadelphia-Area Resident with Insider Trading The Securities and Exchange Commission today charged Willow Grove, Pennsylvania resident Carlos Sacanell with insider trading ahead of an announcement that CVS Health Corporation, Inc. had agreed to acquire Oak Street Health, Inc. According to the SEC's complaint, Sacanell was in a long-term relationship with a senior executive at Oak Street, who shared with Sacanell material nonpublic information about the CVS/Oak Street transaction in confidence. Sacanell allegedly purchased Oak Street stock and call options based on that information, resulting in him owning more Oak Street call options than any other retail investor and the fifth most overall. The complaint alleges that after the deal was publicly announced, Sacanell’s trading resulted in approximately $617,000 in illegal profits. The SEC's complaint, filed in the U.S. District Court for the Eastern District of Pennsylvania, charges Sacanell with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks permanent injunctive relief, disgorgement plus prejudgment interest, a civil penalty, and an officer-and-director bar. In a parallel action concerning the same conduct, the U.S. Attorney's Office for the Eastern District of Pennsylvania today announced criminal charges against Sacanell. The SEC's investigation was conducted by Norman P. Ostrove, Patrick McCluskey, and Julia C. Green of the Enforcement Division's Market Abuse Unit and supervised by Joseph G. Sansone, Chief of the Market Abuse Unit, and Scott A. Thompson and Nicholas P. Grippo of the Philadelphia Regional Office. The litigation will be led by Spencer Willig and supervised by Gregory Bockin of the Philadelphia Regional Office. The SEC appreciates the assistance of the United States Attorney's Office for the Eastern District of Pennsylvania and the FBI.
OCR text (2,116c · html-text · 99% conf)
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26168 / October 31, 2024 Securities and Exchange Commission v. Carlos Sacanell, No. 24-cv-5839 (E.D. Pa. filed Oct. 31, 2024) SEC Charges Philadelphia-Area Resident with Insider Trading The Securities and Exchange Commission today charged Willow Grove, Pennsylvania resident Carlos Sacanell with insider trading ahead of an announcement that CVS Health Corporation, Inc. had agreed to acquire Oak Street Health, Inc. According to the SEC's complaint, Sacanell was in a long-term relationship with a senior executive at Oak Street, who shared with Sacanell material nonpublic information about the CVS/Oak Street transaction in confidence. Sacanell allegedly purchased Oak Street stock and call options based on that information, resulting in him owning more Oak Street call options than any other retail investor and the fifth most overall. The complaint alleges that after the deal was publicly announced, Sacanell’s trading resulted in approximately $617,000 in illegal profits. The SEC's complaint, filed in the U.S. District Court for the Eastern District of Pennsylvania, charges Sacanell with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks permanent injunctive relief, disgorgement plus prejudgment interest, a civil penalty, and an officer-and-director bar. In a parallel action concerning the same conduct, the U.S. Attorney's Office for the Eastern District of Pennsylvania today announced criminal charges against Sacanell. The SEC's investigation was conducted by Norman P. Ostrove, Patrick McCluskey, and Julia C. Green of the Enforcement Division's Market Abuse Unit and supervised by Joseph G. Sansone, Chief of the Market Abuse Unit, and Scott A. Thompson and Nicholas P. Grippo of the Philadelphia Regional Office. The litigation will be led by Spencer Willig and supervised by Gregory Bockin of the Philadelphia Regional Office. The SEC appreciates the assistance of the United States Attorney's Office for the Eastern District of Pennsylvania and the FBI.