Carlos Sacanell, a 58-year-old resident of Willow Grove, Pennsylvania, faces serious charges of insider trading and making false statements to a federal agency. The indictment alleges that Sacanell obtained confidential information from his domestic partner, an executive at Oak Street Health, regarding the company’s acquisition by CVS Health Corporation. He allegedly used this privileged information to engage in stock and options trading before the deal was publicly disclosed, resulting in profits of approximately $617,000.
During an interview with the FBI, Sacanell reportedly denied receiving any information from his partner about the acquisition before its public announcement, leading to additional charges of making false statements. If convicted, he could face up to 25 years in prison. The FBI is conducting the investigation, with prosecution led by Assistant United States Attorney Francis A. Weber. Additionally, the Securities and Exchange Commission has also filed charges against Sacanell.
While an indictment is only an accusation, Sacanell is considered innocent until proven guilty in court. The case highlights the seriousness of insider trading and the consequences individuals may face for engaging in such activities. For the latest news on this and other developments in Chester County and the surrounding area, readers are encouraged to follow MyChesCo on Google News and MSN.
Source
Photo credit www.mychesco.com
