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Gibsonia Man Charged With Insider Trading Scam
PITTSBURGH, Pa. – Frank T. Poerio Jr., a 62-year-old resident of Gibsonia, Pennsylvania, has been charged in federal court with securities fraud, United States Attorney Eric G. Olshan announced today.
Poerio was charged by criminal Information with four counts of securities fraud, which carry a maximum sentence of up to 20 years in prison, a $5 million fine, or both. The defendant allegedly used sensitive, material non-public information (MNPI) obtained from a Dick’s Sporting Goods employee to engage in nearly 200 trades of the company’s securities on the New York Stock Exchange.
The trading, which occurred between August 2019 and May 2021, allegedly netted approximately $823,000 in profit for Poerio. As alleged, Poerio knew the Dick’s employee and spoke often with the employee about finances and investing. Several of the alleged trading incidents occurred in the days immediately preceding Dick’s release of periodic earnings statements, also known as “blackout” periods, when Dick’s employees were prohibited from trading in the company’s securities.
The Federal Bureau of Investigation conducted the investigation that led to the prosecution of Poerio. Assistant United States Attorney Gregory C. Melucci is prosecuting this case on behalf of the government.
A criminal Information is an accusation. A defendant is presumed innocent unless and until proven guilty. The filing of an Information generally indicates that the defendant intends to enter a guilty plea.
Poerio’s alleged scheme is a stark reminder of the dangers of insider trading and the importance of maintaining the integrity of the financial markets. As the US Attorney’s Office continues to crack down on white-collar crime, it’s clear that no one is above the law.
In a statement, US Attorney Olshan said, ‘This case highlights the importance of protecting the integrity of our financial markets. We will continue to work tirelessly to hold accountable those who seek to exploit their positions of trust for personal gain.’
Poerio’s case is a stark reminder that insider trading is a serious crime that carries severe consequences. As the investigation continues, it’s clear that Poerio’s alleged scheme was a brazen attempt to profit from non-public information.
Key Facts
- State: Pennsylvania
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
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