Carlos Sacanell of Willow Grove, Pennsylvania, pleaded guilty to securities fraud and making a false statement to a federal agency in connection with insider trading related to CVS Health Corporation’s 2023 acquisition of Oak Street Health. The plea was entered before United States District Judge Wendy Beetlestone, according to an announcement by U.S. Attorney David Metcalf.
Sacanell was indicted on these charges in October 2024. Prosecutors said that he obtained confidential information from his domestic partner, who was an executive at Oak Street Health. Both CVS and Oak Street Health were publicly traded companies at the time of the acquisition.
Using this nonpublic information, Sacanell traded stock and options in Oak Street Health prior to the public announcement of the transaction on February 8, 2023. He made approximately $617,000 in profits from these trades.
According to court filings, when interviewed by the FBI in April 2024, Sacanell denied receiving information about CVS’s planned acquisition of Oak Street Health from his domestic partner before it became public knowledge.
The case was investigated by the FBI and prosecuted by Assistant United States Attorney Francis A. Weber. The Securities and Exchange Commission also brought parallel charges against Sacanell.
