A Willow Grove man who used insider info to make $617,000 trading stocks was sentenced to two years in prison
Carlos Sacanell's then-girlfriend gave him confidential information about a potential corporate acquisition involving CVS, prosecutors said, and he traded stocks based on it.
A Willow Grove man who made more than $600,000 by trading stocks based on confidential information his then-girlfriend gave him about an impending corporate acquisition was sentenced Friday to two years in federal prison.
Carlos Sacanell, 59, apologized for his actions before U.S. District Judge Wendy Beetlestone, saying he’d made a “terrible decision” and had “profound regret” for what he did.
“This action does not represent who I am,” said Sacanell, who pleaded guilty last year to one count of securities fraud.
Sacanell’s crimes occurred in 2023, prosecutors said, when his longtime partner told him that her company, the Chicago-based Oak Street Health Inc., was about to be acquired by CVS Health.
The next day, prosecutors said, Sacanell — without his girlfriend’s knowledge — bought hundreds of thousands of dollars worth of Oak Street stocks and call options.
Sacanell adjusted his purchases over the next few weeks as his girlfriend continued sharing occasional insights about whether or not the deal might go through, prosecutors said. The woman was not aware that he was trading on the information she gave him, prosecutors said, but when the acquisition ultimately closed, Sacanell netted about $617,000.
In April 2023, prosecutors said, the FBI confronted Sacanell — who worked as a scientist — about what they viewed as his suspicious trades, but he denied that he had any insider information about Oak Street or the deal.
Sacanell was indicted in late 2024. His relationship with his then-girlfriend has since ended, his lawyer said, and he is now expected to report to prison in about two months.
He is also expected to be deported once his term of incarceration ends, his lawyer said. Sacanell was born and raised in Spain before becoming a lawful permanent resident of the United States, but will now likely be deported due to his conviction.
Sacanell said he had already repaid about $300,000 worth of his illicit proceeds, and vowed that he would not commit any similar infractions in the future.
“I regret it every day of my life,” Sacanell said.