Gibsonia Insider Trader Poerio Pleads Guilty

PITTSBURGH, Pa. – In a stunning admission of financial treachery, Frank T. Poerio Jr., 62, of Gibsonia, Pennsylvania, pleaded guilty to four counts of securities fraud, United States Attorney Eric G. Olshan announced today.

The defendant stood before United States District Judge Marilyn J. Horan, acknowledging his role in a scheme that saw him leverage confidential information from an employee at Dick’s Sporting Goods (Dick’s) to execute 160 trades on the company’s securities over two years, netting himself approximately $823,000.

According to court documents, Poerio obtained material non-public information (MNPI) while employed in a data analytics role at the company’s corporate offices in Moon Township. The trades took place between August 2019 and May 2021, with several occurring during “blackout” periods prior to Dick’s release of earnings statements.

“Frank Poerio admitted to gaming the system by using material non-public information from a company employee to conduct well more than a hundred trades over the course of several years that resulted in nearly a million dollars in profit,” said U.S. Attorney Olshan. “Our office is dedicated to protecting the integrity of our public trading systems.”

FBI Pittsburgh Special Agent in Charge Kevin Rojek echoed the sentiment, stating, “Insider trading erodes the foundation of our economy and undermines public trust. The FBI will persistently pursue those who abuse their position for financial gain.”

Judge Horan has scheduled sentencing for October 31, 2024. Poerio faces up to 20 years in prison and a $5 million fine on each count. Assistant United States Attorney Gregory C. Melucci is prosecuting the case.