Gibsonia man pleads guilty to insider training

A Gibsonia man pleaded guilty in federal court to insider trading related to Dick’s Sporting Goods business operations.

Frank T. Poerio Jr., 62, pleaded guilty to four counts of securities fraud, U.S. Attorney Eric G. Olshan announced.

In connection with the guilty plea, the court was advised that Poerio used sensitive, material nonpublic information (MNPI) obtained from a Dick’s Sporting Goods employee to engage in 160 trades of the company’s securities on the New York Stock Exchange. The transactions included the purchase of individual shares and call option contracts occurring from August 2019 to May 2021, when the insider worked in a data analytics role at the company’s corporate offices in Moon Township.

The trades netted approximately $823,000 in profits for Poerio. Several of the 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, Olshan said.

“Insider trading erodes the foundation of our economy and undermines public trust in our institutions. This is not simply a casual, petty crime,” said FBI Pittsburgh Special Agent in Charge Kevin Rojek. “The FBI will persistently pursue those who believe they can abuse their position to unfairly reap financial gains at the expense of others. The FBI and our partners remain vigilant in fighting for fairness and integrity in our financial system.”

Sentencing is scheduled for Oct. 31.

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