Insider Trading Scandal Rocks Montgomery County
A Montgomery County man has pleaded guilty to insider trading linked to CVS’s 2023 acquisition of Oak Street Health.
Carlos Sacanell, 59, of Willow Grove, Pennsylvania, entered a plea of guilty to one count of securities fraud (insider trading) and one count of making a false statement to a federal agency on February 8, 2022, before United States District Judge Wendy Beetlestone.
The defendant was charged by indictment with those offenses in October 2024.
According to court documents, Sacanell obtained material nonpublic information from his domestic partner, who was an executive at Oak Street Health, about CVS Health Corporation’s acquisition of Oak Street Health in 2023. At all times relevant to the indictment, both CVS and Oak Street Health were publicly traded companies on the New York Stock Exchange, with ticker symbols CVS and OSH, respectively.
Sacanell used the material nonpublic information obtained from his domestic partner to trade stock and options in Oak Street Health before the transaction was publicly announced on February 8, 2023, resulting in him obtaining profits of approximately $617,000.
When the defendant was interviewed by the FBI in April 2024, he falsely told agents that he did not obtain from his domestic partner information regarding CVS’s planned acquisition of Oak Street Health before the acquisition was publicly announced on February 8, 2023.
This case was investigated by the FBI and is being prosecuted by Assistant United States Attorney Francis A. Weber. The Securities and Exchange Commission also charged Sacanell, in a parallel matter.
Defendant: Carlos Sacanell
Criminal Charges: Securities fraud (insider trading), making a false statement to a federal agency
City and State: Philadelphia, Pennsylvania
Date: February 8, 2022
Sentence or Outcome: Guilty plea
Dollar Amount: $617,000 (profits obtained through insider trading)
Key Facts
- State: Pennsylvania
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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