Frank T. Poerio, Jr.

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26240 / February 6, 2025

Securities and Exchange Commission v. Frank T. Poerio, Jr., Civil Action No. 2:24-cv-00700 (W.D. Pa. filed May 10, 2024)

SEC Obtains Final Judgment Against Frank T. Poerio, Jr., For Insider Trading

On January 27, 2025, the Securities and Exchange Commission obtained a final judgment against defendant Frank T. Poerio, Jr., whom the SEC had previously charged with insider trading.

The SEC’s complaint, filed on May 10, 2024, in the U.S. District Court for the Western District of Pennsylvania, alleged that between November 2019 and May 2021 Poerio traded in the securities of Dick’s Sporting Goods, Inc., based on material, nonpublic information that he misappropriated from a Dick’s employee in breach of his duty of trust and confidence to that employee. The complaint alleged that Poerio realized illegal profits of more than $800,000.

Poerio consented to entry of a final judgment that orders him to pay disgorgement of $823,367, representing profits gained from the conduct alleged in the SEC’s complaint, and prejudgment interest thereon in the amount of $32,967.50. The final judgment further provides that the disgorgement payment is deemed satisfied by the criminal restitution ordered against Poerio in the parallel criminal action filed against him in United States v. Poerio, 2:24-cr-00104-MJH (W.D. Pa. filed May 10, 2024). The final judgment also incorporates the May 15, 2024, judgment against Poerio which permanently enjoined him from violating Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.

The SEC’s investigation was conducted by Jason Litow, with assistance from Max Clarke, Steve Rapkin, Derek Bentsen, and James Carlson, under the supervision of Kevin Guerrero, Stacy Bogert, and Mark Cave. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Western District of Pennsylvania and the FBI.