Montgomery Co. Man's Insider Trading On CVS Netted Him $617,000: Feds

Crime & Safety

Montgomery Co. Man's Insider Trading On CVS Netted Him $617,000: Feds The SEC and FBI say the local man knew about the CVS acquisition of Oak Street Health before it happened.

WILLOW GROVE, PA — A Willow Grove man has been charged with insider trading in connection with a major acquisition by CVS in 2023. The scheme landed the man more than half a million dollars, according to officials.

Carlos Sacanell, 58, used information obtained from his domestic partner to trade stock and options in Oak Street Health, which was ultimately acquired by CVS, federal authorities said.

The U.S. Attorney's Office described it the knowledge that Sacannel got from his partner as "material nonpublic information."

The stock trades Sacannell made before the deal was official landed him about $617,000, officials said.

Sacannell also lied about getting the information from his partner during an interview with the FBI back on April 3, authorities claim.

Separate charges in the same case have been filed by the FBI and the Securities and Exchange Commission.

Sacannell faces up to 25 years behind bars for the charges, which include insider trading and making a false statement to a federal agency.