Courts. (Credit: LevittownNow.com)
A Willow Grove man admitted to making more than half a million dollars through insider trading tied to CVS Health’s acquisition of Oak Street Health, according to an announcement from United States Attorney David Metcalf.
Federal prosecutors said Carlos Sacanell, 59, pleaded guilty before U.S. District Judge Wendy Beetlestone to one count of securities fraud and one count of making false statements to federal investigators.
According to court records, Sacanell learned confidential details about CVS’s planned 2023 purchase of Oak Street Health through his domestic partner, an executive at Oak Street. He then used that nonpublic information to buy stock and options in the company ahead of the public announcement on Feb. 8, 2023, profiting roughly $617,000.
When FBI agents questioned him in April 2024, prosecutors said, Sacanell denied receiving information about the deal from his partner, a claim later proven false.
The charges were first brought in October 2024. Alongside the criminal case, the Securities and Exchange Commission has filed a parallel enforcement action.
The FBI led the investigation, and the case is being prosecuted by Assistant U.S. Attorney Francis A. Weber.
