Gibsonia man sentenced for insider trading

PITTSBURGH — A Gibsonia man has been sentenced for insider trading related to Dick’s Sporting Goods business operations.

Frank Poerio Jr., 62, pleaded guilty to four counts of securities fraud in July.

On Thursday, U.S. Attorney Eric G. Olshan announced Poerio was sentenced to one year and one day in prison, followed by three months of home detention and a year of supervised release. He was also ordered to pay a $20,000 fine and restitution of $823,367 to the U.S. Securities and Exchange Commission.

According to information presented to the court, Poerio used sensitive, material nonpublic information (MNPI) obtained from a Dick’s Sporting Goods employee to engage in 160 trades of the company’s securities on the New York Stock Exchange. The transactions included the purchase of individual shares and call option contracts occurring from August 2019 to May 2021, when the insider worked in a data analytics role at the company’s corporate offices in Moon Township.

The trades netted approximately $823,000 in profits for Poerio.

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