Carlos Sacanell, a 59-year-old resident of Willow Grove, Pennsylvania, pleaded guilty in federal court to one count of securities fraud (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.
Sacanell was indicted on these charges in October 2024. According to court documents and admissions by Sacanell, he received confidential information from his domestic partner, who worked as an executive at Oak Street Health. This information concerned CVS Health Corporation’s acquisition of Oak Street Health in 2023. Both companies were publicly traded on the New York Stock Exchange under the ticker symbols CVS and OSH.
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. His trades resulted in profits of about $617,000.
Court filings further indicate that when interviewed by the FBI in April 2024, Sacanell denied obtaining any information from his domestic partner regarding CVS’s planned acquisition before it became public knowledge.
United States Attorney David Metcalf stated: “The defendant was charged by indictment with those offenses in October 2024.”
The investigation was conducted by the FBI. Assistant United States Attorney Francis A. Weber is prosecuting the case. The Securities and Exchange Commission has also brought parallel charges against Sacanell.
