Carlos Sacanell of Willow Grove, Pennsylvania, pleaded guilty to one count of securities fraud related to insider trading and one count of making a false statement to a federal agency. The plea was entered before United States District Judge Wendy Beetlestone, according to an announcement from U.S. Attorney David Metcalf.
Sacanell was indicted on these charges in October 2024. Prosecutors stated that he obtained confidential information from his domestic partner, who was an executive at Oak Street Health. This information concerned CVS Health Corporation’s planned acquisition of Oak Street Health in 2023. Both companies were publicly traded on the New York Stock Exchange at the time.
Using this nonpublic information, Sacanell traded stock and options in Oak Street Health prior to the public announcement of the acquisition on February 8, 2023. These trades resulted in profits of about $617,000.
During an interview with FBI agents in April 2024, Sacanell denied receiving any information from his domestic partner regarding the acquisition before it became public knowledge. This statement was later found to be false.
The case was investigated by the FBI and is being prosecuted by Assistant United States Attorney Francis A. Weber. The Securities and Exchange Commission has also brought parallel charges against Sacanell.
“This case was investigated by the FBI and is being prosecuted by Assistant United States Attorney Francis A. Weber. The Securities and Exchange Commission also charged Sacanell, in a parallel matter.”
