Pittsburgh Review

A Gibsonia, Pennsylvania resident has been sentenced to 12 months and one day in federal prison for securities fraud related to insider trading of Dick’s Sporting Goods securities. This was announced by United States Attorney Eric G. Olshan. Following his prison term, the defendant will undergo three months of home detention and 12 months of supervised release. He is also required to pay a $20,000 fine and restitution amounting to $823,367 to the U.S. Securities and Exchange Commission.

The sentence was handed down by United States District Judge Marilyn J. Horan to Frank T. Poerio Jr., aged 63.

Court documents revealed that Poerio used material non-public information (MNPI) from a Dick’s Sporting Goods employee to conduct 160 trades on the New York Stock Exchange between August 2019 and May 2021. These trades involved individual shares and call option contracts, resulting in approximately $823,000 in profits for Poerio. The insider was employed in a data analytics role at Dick's corporate offices in Moon Township, Pennsylvania. Some trades occurred during "blackout" periods when employees were barred from trading company securities.

Poerio entered a guilty plea to the charges in July 2024.

Assistant United States Attorney Gregory C. Melucci led the prosecution for this case.

United States Attorney Olshan praised the Federal Bureau of Investigation for their work leading to Poerio's successful prosecution.