SEC v. Frank T. Poerio, Jr., No. 2:24-cv-700, Western District of Pennsylvania (May 10, 2024) — Complaint

UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF PENNSYLVANIA

UNITED STATES SECURITIES AND
EXCHANGE COMMISSION,

Plaintiff,
v.
Civil Action No. 2:24-cv-700

COMPLAINT

JURY TRIAL DEMANDED
FRANK T. POERIO, JR.,

Defendant.

COMPLAINT

 Plaintiff United States Securities and Exchange Commission (“SEC”) alleges for its
Complaint against Frank T. Poerio, Jr. (“Poerio” or “Defendant”) as follows:
SUMMARY

1. This action concerns unlawful insider trading in the securities of Dick’s Sporting
Goods, Inc. (“Dick’s Sporting Goods”), by Poerio between November 2019 and May 2021,
based on material, nonpublic information concerning the company’s quarterly revenue figures
that he misappropriated from Individual A. In breach of his duty of trust and confidence to
Individual A, Poerio misused this material, nonpublic information to purchase common stock and
options of Dick’s Sporting Goods in advance of the company’s quarterly announcements. As a
result of his illicit trading, Poerio realized overall profits of approximately $823,367.
2. By engaging in the conduct alleged herein, Poerio violated Section 10(b) of the
Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78j(b)] and Exchange Act Rule

2

10b-5 [17 C.F.R. § 240.10b-5]. Accordingly, the SEC seeks a permanent injunction,
disgorgement with prejudgment interest, and a civil penalty.
3. Unless Defendant Poerio is restrained and enjoined, he will engage in the acts,
practices, transactions, and courses of business set forth in this Complaint or in acts, practices,
transactions, and courses of business of similar type and object.
JURISDICTION AND VENUE
4. The Commission brings this action pursuant to Section 21(d) and 21A of the
Exchange Act [15 U.S.C. §§ 78u(d), 78u-1].
5. This Court has jurisdiction over this action under Sections 21(e), 21A, and 27 of
the Exchange Act [15 U.S.C. §§ 78u(e), 78u-1, and 78aa].
6. Defendant Poerio can be found and conducted business in, and resides in, the
Western District of Pennsylvania.  Defendant Poerio directly or indirectly made use of the means
or instrumentalities of interstate commerce, or of the mails, or the facilities of a national
securities exchange, in connection with the transactions, acts, practices, and course of business
alleged herein.
7. Venue in this district is proper under Section 27 of the Exchange Act [15 U.S.C. §
78aa(a)]. More specifically, certain of the transactions, acts, practices, and courses of business
constituting the violations alleged herein occurred within the Western District of Pennsylvania
and elsewhere, and were effected, directly or indirectly, by making use of the means,
instruments, or instrumentalities of transportation or communication in interstate commerce, or
of the mails, or the facilities of a national securities exchange.
DEFENDANT
8. Frank T. Poerio, Jr., age 62, resides in Gibsonia, Pennsylvania.

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RELEVANT ENTITY
9. Dick’s Sporting Goods, Inc., is a sporting goods retailer incorporated in
Delaware with its principal place of business in Coraopolis, Pennsylvania. Shares of its common
stock are registered pursuant to Section 12(b) of the Exchange Act and trade on the New York
Stock Exchange under the symbol “DKS.”  Its options trade on several exchanges, including
NYSE American Options and Cboe Exchange, Inc.
FACTS
10. At all times relevant to this Complaint, including the period in which he traded in
the securities of Dick’s Sporting Goods between November 2019 and May 2021 (the “Relevant
Period”), Poerio knew Individual A, an employee of Dick’s Sporting Goods, whose role at the
company included, among other things, supporting internal operations and others by providing
detailed analyses of in-store staffing and corresponding business results, and using analytical
tools and techniques to evaluate labor productivity to recommend the optimization of store labor
investment.
11. The nature of the employment with Dick’s Sporting Goods provided Individual A
with access to multiple internal sources of material, nonpublic information about Dick’s Sporting
Goods’s financial results. For example, Individual A received a “Daily Sales Report,” which
provided up-to-date statistics for each of Dick’s Sporting Goods’s store locations.
12. In addition to receiving the daily report described above, Individual A had access
to multiple databases that included MNPI about the company’s sales and revenue.  The Dick’s
Sporting Goods database that he accessed most frequently was the “ERA - KPI 2.0” database
which, according to Dick’s Sporting Goods, provided audited sales for two full years, plus the
current year, viewable by time buckets of day, week to date, month to date, quarter to date,

4

season to date, and year to date. It also included the prior day’s inventory, the prior week’s
inventory, and corresponding previous year’s inventory.
13. The second most frequently accessed database was the “OPS – Sales Analysis”
database.  According to Dick’s Sporting Goods, this database provided a summary of the total
company audited sales for brick-and-mortar stores, web, and omni sales for the current year and
the previous year.  Sales could be viewed at a store and sub-class level.  The application also had
reports that showed sales by geographic location, services-specific sales, fast sellers, and zero
sales.  The application also showed sales against budget.  Individual A regularly accessed one or
both databases.
14. At all times relevant to this Complaint, Individual A was subject to Dick’s
Sporting Goods’s Code of Ethics and Business Conduct (the “Code”), which specifically stated
that employees were prohibited from trading, personally or for others, based on material,
nonpublic information; the Code also specifically prohibited employees from communicating
material, nonpublic information about Dick’s Sporting Goods to anyone outside the company.
Individual A was familiar with the contents of the Code, completed annual training on it, and
agreed annually via certification to follow it.
15. In addition to the Code, at all times relevant to this Complaint, Individual A was
subject to Dick’s Sporting Goods’s Insider Trading Policy, which required employees to maintain
the confidentiality of material nonpublic information and listed as a specific example of such
quarterly earnings information and other financial information that a reasonable investor would
consider important in deciding whether to buy, sell, or hold Dick’s Sporting Goods securities.
16. Poerio had a longstanding relationship of trust and confidence with Individual A,
which preceded Individual A’s employment with Dick’s Sporting Goods.

5

17. Through frequent discussions between the two, Poerio came to know that
Individual A’s employment with the company provided him with access to material, nonpublic
information about Dick’s Sporting Goods’s revenue.
18. During the time of Individual A’s employment with Dick’s Sporting Goods,
Poerio frequently asked Individual A for updates on the company’s performance, despite
knowing that insider trading was illegal. On some occasions, Individual A responded by telling
Poerio that such information could not be disclosed.
19. On other occasions, however, Individual A made statements to Poerio to the effect
that the company was “doing very well,” and then reiterated requests that Poerio not trade in the
securities of Dick’s Sporting Goods. Poerio understood that these statements about the
company’s performance were based on Individual A’s access to nonpublic revenue numbers, and
that they provided a preview of the company’s upcoming quarterly financial reports.
20. Poerio misused this information to trade in the securities of Dick’s Sporting
Goods, in breach of his duty of trust and confidence to Individual A.
21. Poerio had never traded in the securities of Dick’s Sporting Goods prior to the
start of Individual A’s employment with that company. Nevertheless, within months of Individual
A starting at the company, Dick’s Sporting Goods soon became Poerio’s largest stock holding,
both in terms of dollar amount and percentage of his portfolio.
22. Between November 22, 2019, and May 28, 2021, Frank Poerio bought 59,545
shares of Dick’s Sporting Goods common stock and 1,362 call contracts (each for 100 shares of
stock), as well as sold short 436 put contracts (each for 100 shares of stock), all of which trades
were made with the expectation that the price of Dick’s Sporting Goods stock would
increase.  Poerio made each of these trades at a time when he was in communication with

6

Individual A, from whom Poerio misappropriated the information, at a time when Individual A
had access to MNPI about the real-time revenue figures of Dick’s Sporting Goods.  As a result,
Poerio profited in the amount of $823,367.
23. Poerio’s trading of Dick’s Sporting Goods securities frequently intensified both
before and after Dick's quarterly release of earnings reports.
24. For example, in advance of Dick’s Sporting Goods’s August 26, 2020, earnings
announcement for the second quarter of 2020, Poerio and Individual A spoke on the phone at
least 30 times, a number which does not include texts or in-person meetings. Poerio
misappropriated material, nonpublic information concerning Dick’s Sporting Goods’s quarterly
revenue figures from Individual A during this period.
25. In the lead up to this announcement, Poerio increased his position in Dick’s
Sporting Goods and purchased $637,450 worth of Dick’s Sporting Goods stocks and options,
reaching a peak of 24,811 shares on August 26, 2020, the day of the earnings announcement.
Much of this increase occurred in the days leading up to the earnings announcement, as Poerio
purchased approximately 10,000 shares and 223 call options between August 19, 2020, and
August 25, 2020. Poerio funded his purchase, in part, by selling shares of other securities.
26. As of the morning of August 26, 2020, the day of the earnings announcement,
Poerio held approximately 24,811 shares and share equivalents of Dick’s Sporting Goods. On
that day, Dick’s Sporting Goods announced earnings of $3.12 per share, which exceeded market
expectations by over 250%. As a result, the price of Dick’s Sporting Goods stock increased by
15.7% over the prior day’s closing price. Poerio’s realized profit from trading during this period
was $180,221.

7

27. In another example, Poerio traded in advance of Dick’s Sporting Goods’s
November 24, 2020, earnings announcement for the third quarter of 2020. Poerio and Individual
A spoke on the phone at least 122 times, a number which does not include texts or in-person
meetings. Poerio misappropriated material, nonpublic information concerning Dick’s Sporting
Goods’s quarterly revenue figures from Individual A during this period.
28. In advance of Dick’s Sporting Goods’s November 24, 2020, earnings
announcement for the third quarter of 2020, Poerio increased his position in Dick’s Sporting
Goods and purchased approximately $584,623 worth of Dick’s Sporting Goods shares. The vast
majority of this increase occurred in the two-week period leading up to the earnings
announcement.
29. The value of Poerio’s holdings in the securities of Dick’s Sporting Goods
increased on November 24, 2020. On that day, Dick’s Sporting Goods announced earnings of
$2.01 per share, which exceeded market expectations by over about 100%. The market closed on
November 24 at $58.99 per share (up 0.31% over prior day’s close at $58.81), and it closed the
following day at $60.06 a share (2.1% above the November 23, 2020 closing price). Poerio’s
realized profit on trading conducted during this period was $105,038.
30. During the Relevant Period, Poerio did not tell Individual A that he had purchased
securities of Dick’s Sporting Goods.

8

CLAIM FOR RELIEF
Violations of Section 10(b) of the Exchange Act
and Rule 10b-5 Thereunder
31. The Commission realleges and incorporates by reference each and every
allegation contained in paragraphs 1 through 30.
32. By engaging in the conduct described above, Defendant Poerio, directly or
indirectly, in connection with the purchase or sale of securities and by the use of the means or
instrumentalities of interstate commerce, or the mails, or the facilities of a national securities
exchange, knowingly and recklessly (i) employed one or more devices, schemes, or artifices to
defraud; (ii) made one or more untrue statements of a material fact or omitted to state one or
more material facts, necessary in order to make the statements made, in light of the
circumstances under which they were made, not misleading; or (iii) engaged in one or more acts,
transactions, practices, or courses of business which operated or would operate as a fraud or
deceit upon other persons.
33. By reason of the foregoing, Defendant Poerio, directly or indirectly, violated and,
unless enjoined, will again violate Exchange Act Section 10(b) [15 U.S.C. § 78j(b)], and Rules
10b-5(a), (b), and (c) thereunder [17 C.F.R. § 240.10b-5(a), (b) and (c)].
PRAYER FOR RELIEF
WHEREFORE, the Commission respectfully requests that this Court enter a Final
Judgment:
I.

Permanently restraining and enjoining Defendant Poerio and his agents, servants,
employees and attorneys and all persons in active concert or participation with Defendant Poerio

9

from violating, directly or indirectly, Exchange Act Section 10(b) [15 U.S.C. § 78j(b)] and Rule
10b-5 thereunder [17 C.F.R. § 240.10b-5];

II.

Ordering Defendant Poerio to disgorge all ill-gotten gains received directly or indirectly,
with pre-judgment interest thereon, as a result of the alleged violations pursuant to Exchange Act
Sections 21(d)(3), (5), (7) [15 U.S.C. §§ 78u(d)(3), (5), (7)];

III.

Ordering Defendant Poerio to pay a civil monetary penalty under Exchange Act Section
21A [15 U.S.C. § 78u-1]; and

10

I V.

Granting any other and further relief this Court may deem just and proper.

Date:  May 10, 2024      Respectfully submitted,

  /s/ Derek Bentsen                .
Derek Bentsen
James Carlson
Jason Litow
Kevin Guerrero
Attorneys for Plaintiff:
U.S. SECURITIES AND EXCHANGE
COMMISSION
Division of Enforcement
100 F Street, N.E.
Washington, DC 20549
Phone: (202) 551-6426 (Bentsen)
Email: [email protected] (Bentsen)

UNITED STATES DISTRICT COURT 
FOR THE WESTERN DISTRICT OF PENNSYLVANIA 

 
UNITED STATES SECURITIES AND 
EXCHANGE COMMISSION, 
 

 

Plaintiff,  

v. 

Civil Action No. 2:24-cv-700 
 
COMPLAINT 
 
JURY TRIAL DEMANDED 

FRANK T. POERIO, JR.,  

 

  
Defendant.  

 
COMPLAINT 

 
 Plaintiff United States Securities and Exchange Commission (“SEC”) alleges for its 

Complaint against Frank T. Poerio, Jr. (“Poerio” or “Defendant”) as follows: 

SUMMARY 
 

1. This action concerns unlawful insider trading in the securities of Dick’s Sporting 

Goods, Inc. (“Dick’s Sporting Goods”), by Poerio between November 2019 and May 2021, 

based on material, nonpublic information concerning the company’s quarterly revenue figures 

that he misappropriated from Individual A. In breach of his duty of trust and confidence to 

Individual A, Poerio misused this material, nonpublic information to purchase common stock and 

options of Dick’s Sporting Goods in advance of the company’s quarterly announcements. As a 

result of his illicit trading, Poerio realized overall profits of approximately $823,367. 

2. By engaging in the conduct alleged herein, Poerio violated Section 10(b) of the 

Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78j(b)] and Exchange Act Rule 

Case 2:24-cv-00700   Document 1   Filed 05/10/24   Page 1 of 10



2 
 

10b-5 [17 C.F.R. § 240.10b-5]. Accordingly, the SEC seeks a permanent injunction, 

disgorgement with prejudgment interest, and a civil penalty. 

3. Unless Defendant Poerio is restrained and enjoined, he will engage in the acts, 

practices, transactions, and courses of business set forth in this Complaint or in acts, practices, 

transactions, and courses of business of similar type and object. 

JURISDICTION AND VENUE 

4. The Commission brings this action pursuant to Section 21(d) and 21A of the 

Exchange Act [15 U.S.C. §§ 78u(d), 78u-1]. 

5. This Court has jurisdiction over this action under Sections 21(e), 21A, and 27 of 

the Exchange Act [15 U.S.C. §§ 78u(e), 78u-1, and 78aa].  

6. Defendant Poerio can be found and conducted business in, and resides in, the 

Western District of Pennsylvania.  Defendant Poerio directly or indirectly made use of the means 

or instrumentalities of interstate commerce, or of the mails, or the facilities of a national 

securities exchange, in connection with the transactions, acts, practices, and course of business 

alleged herein. 

7. Venue in this district is proper under Section 27 of the Exchange Act [15 U.S.C. § 

78aa(a)]. More specifically, certain of the transactions, acts, practices, and courses of business 

constituting the violations alleged herein occurred within the Western District of Pennsylvania 

and elsewhere, and were effected, directly or indirectly, by making use of the means, 

instruments, or instrumentalities of transportation or communication in interstate commerce, or 

of the mails, or the facilities of a national securities exchange. 

DEFENDANT 

8. Frank T. Poerio, Jr., age 62, resides in Gibsonia, Pennsylvania. 

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RELEVANT ENTITY 

9. Dick’s Sporting Goods, Inc., is a sporting goods retailer incorporated in 

Delaware with its principal place of business in Coraopolis, Pennsylvania. Shares of its common 

stock are registered pursuant to Section 12(b) of the Exchange Act and trade on the New York 

Stock Exchange under the symbol “DKS.” Its options trade on several exchanges, including 

NYSE American Options and Cboe Exchange, Inc. 

FACTS 

10. At all times relevant to this Complaint, including the period in which he traded in 

the securities of Dick’s Sporting Goods between November 2019 and May 2021 (the “Relevant 

Period”), Poerio knew Individual A, an employee of Dick’s Sporting Goods, whose role at the 

company included, among other things, supporting internal operations and others by providing 

detailed analyses of in-store staffing and corresponding business results, and using analytical 

tools and techniques to evaluate labor productivity to recommend the optimization of store labor 

investment. 

11. The nature of the employment with Dick’s Sporting Goods provided Individual A 

with access to multiple internal sources of material, nonpublic information about Dick’s Sporting 

Goods’s financial results. For example, Individual A received a “Daily Sales Report,” which 

provided up-to-date statistics for each of Dick’s Sporting Goods’s store locations.  

12. In addition to receiving the daily report described above, Individual A had access 

to multiple databases that included MNPI about the company’s sales and revenue.  The Dick’s 

Sporting Goods database that he accessed most frequently was the “ERA - KPI 2.0” database 

which, according to Dick’s Sporting Goods, provided audited sales for two full years, plus the 

current year, viewable by time buckets of day, week to date, month to date, quarter to date, 

Case 2:24-cv-00700   Document 1   Filed 05/10/24   Page 3 of 10



4 
 

season to date, and year to date. It also included the prior day’s inventory, the prior week’s 

inventory, and corresponding previous year’s inventory.   

13. The second most frequently accessed database was the “OPS – Sales Analysis” 

database.  According to Dick’s Sporting Goods, this database provided a summary of the total 

company audited sales for brick-and-mortar stores, web, and omni sales for the current year and 

the previous year.  Sales could be viewed at a store and sub-class level.  The application also had 

reports that showed sales by geographic location, services-specific sales, fast sellers, and zero 

sales.  The application also showed sales against budget.  Individual A regularly accessed one or 

both databases.   

14. At all times relevant to this Complaint, Individual A was subject to Dick’s 

Sporting Goods’s Code of Ethics and Business Conduct (the “Code”), which specifically stated 

that employees were prohibited from trading, personally or for others, based on material, 

nonpublic information; the Code also specifically prohibited employees from communicating 

material, nonpublic information about Dick’s Sporting Goods to anyone outside the company.  

Individual A was familiar with the contents of the Code, completed annual training on it, and 

agreed annually via certification to follow it. 

15. In addition to the Code, at all times relevant to this Complaint, Individual A was 

subject to Dick’s Sporting Goods’s Insider Trading Policy, which required employees to maintain 

the confidentiality of material nonpublic information and listed as a specific example of such 

quarterly earnings information and other financial information that a reasonable investor would 

consider important in deciding whether to buy, sell, or hold Dick’s Sporting Goods securities. 

16. Poerio had a longstanding relationship of trust and confidence with Individual A, 

which preceded Individual A’s employment with Dick’s Sporting Goods. 

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5 
 

17. Through frequent discussions between the two, Poerio came to know that 

Individual A’s employment with the company provided him with access to material, nonpublic 

information about Dick’s Sporting Goods’s revenue. 

18. During the time of Individual A’s employment with Dick’s Sporting Goods, 

Poerio frequently asked Individual A for updates on the company’s performance, despite 

knowing that insider trading was illegal. On some occasions, Individual A responded by telling 

Poerio that such information could not be disclosed.  

19. On other occasions, however, Individual A made statements to Poerio to the effect 

that the company was “doing very well,” and then reiterated requests that Poerio not trade in the 

securities of Dick’s Sporting Goods. Poerio understood that these statements about the 

company’s performance were based on Individual A’s access to nonpublic revenue numbers, and 

that they provided a preview of the company’s upcoming quarterly financial reports. 

20. Poerio misused this information to trade in the securities of Dick’s Sporting 

Goods, in breach of his duty of trust and confidence to Individual A. 

21. Poerio had never traded in the securities of Dick’s Sporting Goods prior to the 

start of Individual A’s employment with that company. Nevertheless, within months of Individual 

A starting at the company, Dick’s Sporting Goods soon became Poerio’s largest stock holding, 

both in terms of dollar amount and percentage of his portfolio. 

22. Between November 22, 2019, and May 28, 2021, Frank Poerio bought 59,545 

shares of Dick’s Sporting Goods common stock and 1,362 call contracts (each for 100 shares of 

stock), as well as sold short 436 put contracts (each for 100 shares of stock), all of which trades 

were made with the expectation that the price of Dick’s Sporting Goods stock would 

increase.  Poerio made each of these trades at a time when he was in communication with 

Case 2:24-cv-00700   Document 1   Filed 05/10/24   Page 5 of 10



6 
 

Individual A, from whom Poerio misappropriated the information, at a time when Individual A 

had access to MNPI about the real-time revenue figures of Dick’s Sporting Goods.  As a result, 

Poerio profited in the amount of $823,367. 

23. Poerio’s trading of Dick’s Sporting Goods securities frequently intensified both 

before and after Dick's quarterly release of earnings reports. 

24. For example, in advance of Dick’s Sporting Goods’s August 26, 2020, earnings 

announcement for the second quarter of 2020, Poerio and Individual A spoke on the phone at 

least 30 times, a number which does not include texts or in-person meetings. Poerio 

misappropriated material, nonpublic information concerning Dick’s Sporting Goods’s quarterly 

revenue figures from Individual A during this period. 

25. In the lead up to this announcement, Poerio increased his position in Dick’s 

Sporting Goods and purchased $637,450 worth of Dick’s Sporting Goods stocks and options, 

reaching a peak of 24,811 shares on August 26, 2020, the day of the earnings announcement. 

Much of this increase occurred in the days leading up to the earnings announcement, as Poerio 

purchased approximately 10,000 shares and 223 call options between August 19, 2020, and 

August 25, 2020. Poerio funded his purchase, in part, by selling shares of other securities. 

26. As of the morning of August 26, 2020, the day of the earnings announcement, 

Poerio held approximately 24,811 shares and share equivalents of Dick’s Sporting Goods. On 

that day, Dick’s Sporting Goods announced earnings of $3.12 per share, which exceeded market 

expectations by over 250%. As a result, the price of Dick’s Sporting Goods stock increased by 

15.7% over the prior day’s closing price. Poerio’s realized profit from trading during this period 

was $180,221. 

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7 
 

27. In another example, Poerio traded in advance of Dick’s Sporting Goods’s 

November 24, 2020, earnings announcement for the third quarter of 2020. Poerio and Individual 

A spoke on the phone at least 122 times, a number which does not include texts or in-person 

meetings. Poerio misappropriated material, nonpublic information concerning Dick’s Sporting 

Goods’s quarterly revenue figures from Individual A during this period. 

28. In advance of Dick’s Sporting Goods’s November 24, 2020, earnings 

announcement for the third quarter of 2020, Poerio increased his position in Dick’s Sporting 

Goods and purchased approximately $584,623 worth of Dick’s Sporting Goods shares. The vast 

majority of this increase occurred in the two-week period leading up to the earnings 

announcement. 

29. The value of Poerio’s holdings in the securities of Dick’s Sporting Goods 

increased on November 24, 2020. On that day, Dick’s Sporting Goods announced earnings of 

$2.01 per share, which exceeded market expectations by over about 100%. The market closed on 

November 24 at $58.99 per share (up 0.31% over prior day’s close at $58.81), and it closed the 

following day at $60.06 a share (2.1% above the November 23, 2020 closing price). Poerio’s 

realized profit on trading conducted during this period was $105,038. 

30. During the Relevant Period, Poerio did not tell Individual A that he had purchased 

securities of Dick’s Sporting Goods. 

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8 
 

CLAIM FOR RELIEF 
Violations of Section 10(b) of the Exchange Act 

and Rule 10b-5 Thereunder 

31. The Commission realleges and incorporates by reference each and every 

allegation contained in paragraphs 1 through 30. 

32. By engaging in the conduct described above, Defendant Poerio, directly or 

indirectly, in connection with the purchase or sale of securities and by the use of the means or 

instrumentalities of interstate commerce, or the mails, or the facilities of a national securities 

exchange, knowingly and recklessly (i) employed one or more devices, schemes, or artifices to 

defraud; (ii) made one or more untrue statements of a material fact or omitted to state one or 

more material facts, necessary in order to make the statements made, in light of the 

circumstances under which they were made, not misleading; or (iii) engaged in one or more acts, 

transactions, practices, or courses of business which operated or would operate as a fraud or 

deceit upon other persons. 

33. By reason of the foregoing, Defendant Poerio, directly or indirectly, violated and, 

unless enjoined, will again violate Exchange Act Section 10(b) [15 U.S.C. § 78j(b)], and Rules 

10b-5(a), (b), and (c) thereunder [17 C.F.R. § 240.10b-5(a), (b) and (c)]. 

PRAYER FOR RELIEF 

WHEREFORE, the Commission respectfully requests that this Court enter a Final 

Judgment: 

I. 
 

Permanently restraining and enjoining Defendant Poerio and his agents, servants, 

employees and attorneys and all persons in active concert or participation with Defendant Poerio 

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9 
 

from violating, directly or indirectly, Exchange Act Section 10(b) [15 U.S.C. § 78j(b)] and Rule 

10b-5 thereunder [17 C.F.R. § 240.10b-5]; 

 
II. 

 
Ordering Defendant Poerio to disgorge all ill-gotten gains received directly or indirectly, 

with pre-judgment interest thereon, as a result of the alleged violations pursuant to Exchange Act 

Sections 21(d)(3), (5), (7) [15 U.S.C. §§ 78u(d)(3), (5), (7)]; 

 
III. 

 
Ordering Defendant Poerio to pay a civil monetary penalty under Exchange Act Section 

21A [15 U.S.C. § 78u-1]; and 

  

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10 
 

 

IV. 
 

Granting any other and further relief this Court may deem just and proper. 
 
 
Date:  May 10, 2024    Respectfully submitted, 
 
 

  /s/ Derek Bentsen                . 
Derek Bentsen 
James Carlson 
Jason Litow 
Kevin Guerrero 
Attorneys for Plaintiff: 
U.S. SECURITIES AND EXCHANGE 
COMMISSION 
Division of Enforcement 
100 F Street, N.E. 
Washington, DC 20549 
Phone: (202) 551-6426 (Bentsen) 
Email: [email protected] (Bentsen) 
 

 

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