Gibsonia man charged with securities fraud
PITTSBURGH (KDKA) - A Gibsonia man has been charged in federal court with securities fraud, United States Attorney Eric G. Olshan announced on Friday.
Frank T. Poerio Jr., 62, was charged with four counts of securities fraud after he allegedly used sensitive, material non-public information obtained from a Dick's Sporting Goods employee to engage in nearly 200 trades of the company's securities on the New York Stock Exchange, according to a press release from the Justice Department.
The trading allegedly occurred between August 2019 and May 2021, when the insider worked in a data analytics role at the Dick's corporate offices in Moon Township, where Poerio made approximately $823,000 worth of profit.
Poerio allegedly knew the employee and spoke often with the employee about finances and investing. Several of the alleged incidents occurred right before the company would release periodic earnings statements. Dick's employees were prohibited from trading in the company's securities during these times.
If convicted, Poerio faces a maximum sentence of up to 20 years in prison, a $5 million fine, or both, per each count.
