Local man charged with insider trading related to Dick’s Sporting Goods business operations

PITTSBURGH — A Gibsonia man is facing charges of insider trading based to non-public information related to Dick’s Sporting Goods business operations.

Frank T. Poerio Jr., 62, is charged with four counts of securities fraud.

The Department of Justice said Poerio used sensitive material non-public information he got from a Dick’s Sporting Goods employees to engage in nearly 200 trades of the company’s securities on the New York Stock Exchange.

The insider allegedly worked in a data analytics role at the company’s corporate offices in Moon Township. Poerio knew the employee and spoke with them often about finances and investing.

Those trades, which allegedly happened between August 2019 and May 2021, included the purchase of individual shares and call option contracts. Several of the alleged trading incidents occurred in the days immediately preceding Dick’s release of periodic earnings statements—so called “blackout” periods, when Dick’s employees were prohibited from trading in the company’s securities.

In total, Poerio netted a profit of $823,000 from the trades.

Poerio faces a maximum sentence of 20 years for each charge he’s facing.

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