Pennsylvania Man Charged with Insider Trading

Carlos Sacanell, a 58-year-old man from Willow Grove, Pennsylvania, has been charged with insider trading related to CVS Health's $10.6 billion acquisition of Oak Street Health in 2023. Sacanell allegedly profited approximately $617,000 by trading on nonpublic information received from his domestic partner, an Oak Street executive, prior to the public announcement of the deal. The accusations include making false statements to the FBI, where he denied having advance knowledge of the acquisition plans. This case has drawn attention from both the Department of Justice and the Securities and Exchange Commission, which has filed a related civil case. If convicted, Sacanell faces up to 25 years in prison. The investigation remains ongoing, and Sacanell is presumed innocent until proven guilty.