SEC Charges Pennsylvania Resident with Insider Trading in Dick’s Sporting Goods

The Securities and Exchange Commission today charged Gibsonia, PA resident Frank T. Poerio, Jr. with insider trading for misappropriating material, nonpublic information concerning Dick’s Sporting Goods Inc. and trading on that information, realizing illegal profits of more than $800,000.

According to the SEC’s complaint, between November 2019 and May 2021, Poerio knew a Dick’s employee who had access to multiple internal sources of material nonpublic information about the company’s financial results. The SEC alleges that Poerio frequently asked the employee for updates on the company’s performance, and at times the employee responded with statements to the effect that the company was “doing very well,” coupled with requests that Poerio not trade in Dick’s securities. The SEC alleges that Poerio understood that these statements were based on the employee’s access to nonpublic financial information and previews of the company’s upcoming quarterly revenue figures. Poerio used this information to trade in Dick’s securities, in breach of his duty of trust and confidence to the employee.

Source: SEC Charges Pennsylvania Resident with Insider Trading in Dick’s Sporting Goods