The U.S. Securities and Exchange Commission charged a former senior Bank of America investment banker on Friday with insider trading involving an $8.1 billion buyout.

The regulator alleges Jason Satsky tipped his longtime friend Gavin Wolfe in late 2021 about the pending acquisition of South Jersey Industries, enabling Wolfe to make $18.5 million in illegal profit, Channel NewsAsia reports.

Lawyers for both men denied the allegations in statements, with Satsky's attorney saying his client acted properly and Wolfe's lawyer stating his client bought the shares based on an independent investment thesis, Channel NewsAsia business reports.