PHILADELPHIA, PA — United States Attorney Jacqueline C. Romero has announced the arrest and indictment of Carlos Sacanell, a 58-year-old resident of Willow Grove, Pennsylvania. Sacanell faces serious allegations of insider trading and making a false statement to a federal agency, as detailed in a recently unsealed indictment.
The indictment claims that Sacanell obtained confidential, nonpublic information from his domestic partner, an executive at Oak Street Health, regarding the acquisition of Oak Street Health by CVS Health Corporation. Both companies are publicly traded on the New York Stock Exchange, under the ticker symbols CVS and OSH, respectively.
According to the charges, Sacanell allegedly leveraged this privileged information to engage in stock and options trading involving Oak Street Health. This activity purportedly took place before the deal was publicly disclosed by CVS and Oak Street Health on February 8, 2023. The trades allegedly resulted in profits amounting to approximately $617,000 for Sacanell.
Furthermore, the indictment alleges that on April 3, 2024, during an interview with the Federal Bureau of Investigation, Sacanell falsely claimed he had not received any information from his domestic partner about the acquisition before its public announcement. These allegations add a new dimension to the case, painting a picture of deception and breach of trust.
If found guilty, Sacanell could face a maximum sentence of up to 25 years in prison. The investigation is being conducted by the FBI, with prosecution led by Assistant United States Attorney Francis A. Weber. In a concurrent action, the Securities and Exchange Commission has also filed charges against Sacanell, underscoring the gravity of the allegations.
It is important to note that an indictment is merely an accusation, and Sacanell is presumed innocent until proven guilty in a court of law.
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