Willow Grove Male Gets Two Years In Federal Prison For Insider Trading Of CVS Stock
by Alex Lloyd Gross
Carlos Sacanell, 59, of Willow Grove, was sentenced to two years in federal prison for taking information about a merger or non public information between Oak Street Health and CVS. Back in 2023, the two companies agreed to the acquisition of Oak Street Health by CVS.
Sacanell had a domestic partner who was an executive with Oak Street Health and the two talked about the pending merger before it was announced to the general public. Sacanell bought stock based on this inside information and made about $617,000.
When suspicions arose, Sacanell lied to investigators about his involvement and prior knowledge .In September of last year, he pleaded guilty to one count of securities fraud (insider trading) and one count of making a false statement to a federal agency.