PHILADELPHIA, PA — Frank T. Poerio Jr., a 62-year-old resident of Gibsonia, Pennsylvania, faces federal charges for securities fraud as announced by U.S. Attorney Eric G. Olshan. Poerio has been charged with four counts of securities fraud based on his alleged illegal trading activities involving Dick’s Sporting Goods securities.
According to the criminal information, from August 2019 to May 2021, Poerio utilized material non-public information provided by a Dick’s employee who worked in data analytics at the corporate offices in Moon Township, Pennsylvania.
This insider information facilitated nearly 200 transactions on the New York Stock Exchange, comprising both share purchases and call option contracts, leading to a profit of approximately $823,000 for Poerio. The trades were notably executed close to the periods when Dick’s was scheduled to release earnings, during the so-called “blackout” periods.
If convicted, Poerio could face up to 20 years in prison and a fine of up to $5 million per count.
The Federal Bureau of Investigation conducted the investigation, with Assistant United States Attorney Gregory C. Melucci leading the prosecution. The final sentence will consider the severity of the offenses and Poerio’s prior criminal history, among other factors.
