Frank Thomas Poerio Jr., 62, of Gibsonia, Pennsylvania, United States was charged in federal court with four counts of securities fraud. At each count, he faces a maximum sentence of up to 20 years in prison or a $5 million fine or both.
Who is Frank T. Poerio Jr.?
Aside from Gibsonia, Poerio has lived in other parts of Pennsylvania including Glenshaw. He previously lived in Saint Augustine, Florida.
Between August 2019 and May 2021, Poerio allegedly used sensitive, material non-public information (MNPI) obtained from a Dick’s Sporting Goods employee to engage in almost 200 trades of the company’s securities on the New York Stock Exchange. These included the purchase of individual shares and call option contracts.
According to a criminal information, Poerio knew the Dick’s Sporting Goods employee and spoke often with the employee about finances and investing. The insider worked in a data analytics role at Dick’s Sporting Goods’ corporate offices in Moon Township, Pennsylvania.
The trades allegedly netted around $823,000 in profit for Poerio. Several of the alleged trading incidents occurred in the days immediately preceding Dick’s Sporting Goods’ release of periodic earnings statements when its employees were prohibited from trading in the company’s securities.
Poerio is the president of Poerio Incorporated, a general contractor based in Pittsburgh, Pennsylvania. His father Frank Thomas Poerio Sr. founded the company in 1989.
CONAN Daily 