A Montgomery County man will serve two years in prison for buying stock based on non-public information, which he used to reap $617,000 in profit.
Carlos Sacanell, 59, pleaded guilty to insider trading in September. The Willow Grove resident purchased thousands of shares in Oak Street Health after his then-girlfriend, an executive at the company, told him about a major acquisition in confidence. CVS announced an agreement to buy the primary care network on Feb. 8, 2023.
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Though Sacanell had "rarely" traded options in the preceding two years, the complaint says, he made significant investments in Oak Street Health before the announcement. He was the largest trader in Oak Street Health options on the market by Feb. 3. After the news broke and the company's market value rose, Sacanell promptly began selling off his shares and call option contracts.
When the FBI interviewed Sacanell the next year, he told agents he had not received any information from his romantic partner. She was also, court documents reveal, unaware of his trading.
Sacanell will pay a $5,000 fine for his crimes in addition to his prison sentence. He may also be deported. Sacanell immigrated to the United States from Spain in 1998, and his attorney argued at sentencing that his guilty plea would "almost certainly result in deportation."
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