Montco Man Found Guilty Of Insider Trading: Feds

WILLOW GROVE, PA — A 59-year-old Montgomery County man has pleaded guilty to insider trading after obtaining information about a CVS acquisition that led to him making $617,000, federal authorities said.

Carlos Sacanell, 59, of Willow Grove, entered a plea of guilty on Wednesday before U.S. District Judge Wendy Beetlestone on one count of securities fraud (insider trading) and one count of making a false statement to a federal agency, U.S. Attorney David Metcalf said.

The U.S. Attorney's Office, Eastern District of Pennsylvania, said that Sacanell was charged with the offenses in October 2024.

Sacanell admitted to obtaining non-public information from his domestic partner, an executive at Oak Street Health, about CVS Health Corporation’s acquisition of Oak Street Health in 2023.

Both CVS and Oak Street Health were publicly traded companies on the New York Stock Exchange, federal authorities said.

Sacanell used the information to trade stock and options in Oak Street Health before the transaction was publicly announced on Feb. 8, 2023.

When interviewed by the FBI in April 2024, he falsely told agents that he did not obtain information before the acquisition was publicly announced.

The Securities and Exchange Commission also charged Sacanell, in a parallel matter.