Pennsylvania man pleads guilty to insider trading of Dick's Sporting Goods securities

1 month ago 15

(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.