(WJET/WFXP) – A Pennsylvania man who profited over $800,000 from insider trading pleaded guilty in federal court.
United States Attorney Eric G. Olshan announced on July 11 that 62-year-old Frank T. Poerio Jr., of Gibsonia, pleaded guilty to four counts of securities fraud.
In connection with the guilty plea, Poerio used sensitive, material non-public information (MNPI) obtained from a Dick’s Sporting Goods employee to engage with 160 trades of Dick’s securities from August 2019 through May 2021, which netted him around $823,000 in profits.
The employee worked at the company’s corporate offices in Moon Township, PA, and several of the trading incidents happened right before Dick’s released their periodic earning statements where employees were prohibited from trading at that time.
Thanks for signing up!
Watch for us in your inbox.
Related
Drought conditions increase for portions of state
Mt. Vernon, Milbank, Dell Rapids PBR advance
Clanin, Ulrich highlight Birds in loss to Milwaukee
Honolulu Mayor Rick Blangiardi hopes to secure another term
© REPORTER 24 NEWS 2024. All rights are reserved