2025-02-06 sec-litreleases litigation_release 65 KB 1,936 chars

SEC v. Frank T. Poerio, Jr., No. LR-26240, Western District of Pennsylvania (Feb. 6, 2025) — Press Release

raw: Frank T. Poerio, Jr.

Frank T. Poerio, Jr., No. 2:24-cv-00700 (Feb. 6, 2025)

Caption
Mark L McCrary v. 3M Company, The
Source PDF JSON
summary

The SEC obtained a final judgment against Frank T. Poerio, Jr. for insider trading involving Dick’s Sporting Goods, Inc. securities.

paragraph

Frank T. Poerio, Jr. was charged with misappropriating material, nonpublic information from a Dick’s Sporting Goods employee to realize illegal profits exceeding $800,000. The final judgment requires Poerio to pay $823,367 in disgorgement and $32,967.50 in prejudgment interest. The court also permanently enjoined him from violating Section 10(b) of the Exchange Act and Rule 10b-5.

narrative

The SEC has obtained a final judgment against Frank T. Poerio, Jr. for insider trading conducted between November 2019 and May 2021. Poerio misappropriated material, nonpublic information from a Dick’s Sporting Goods, Inc. employee, breaching a duty of trust and confidence. Through this scheme, he realized illegal profits of more than $800,000. To resolve the SEC's charges, Poerio consented to a judgment for $823,367 in disgorgement and $32,967.50 in prejudgment interest. This disgorgement amount is deemed satisfied by criminal restitution ordered in a parallel criminal action. Additionally, the judgment permanently enjoins Poerio from violating Section 10(b) of the Exchange Act and Rule 10b-5. The SEC's investigation was supported by the FBI and the U.S. Attorney’s Office for the Western District of Pennsylvania.

Enriched metadata

Scheme
insider-trading (100%)
Court
Western District of Pennsylvania
Case No.
2:24-cv-00700
Outcome
settled
Disgorgement
$823,367
Victim loss
$800,000
Entity
Frank T. Poerio, Jr.
Classified insider-trading(confidence 100%). EDGAR detection: forms 4/3/5/144· recall 81% / precision 19%. detection rule →
Statutes
Rule 10b-5
Parties
Mark L McCrary3M Company, The
Keywords
poeriofrank poeriosecsecurities exchangeexchange commissionagainst poeriofrankfinalagainstsecuritiesexchangefinal againstagainst frankinsider tradingwestern pennsylvania

Exhibits & Attached Documents (2)

Extracted insights

Dollar amounts 3
  • $823K $823,367 $100K–$1M
  • $800K $800,000 $100K–$1M
  • $33K $32,967 $10K–$100K
Entities 15
  • agency assistance of fbi
  • person criminal restitution
  • person derek bentsen
  • person disgorgement payment
  • person final judgment
  • scheme_term frank t. poerio, jr. with insider trading
  • person james carlson
  • person jason litow
  • person kevin guerrero
  • person mark cave
  • person max clarke
  • agency sec investigation
  • agency Securities and Exchange Commission
  • person stacy bogert
  • person steve rapkin
Triples 18
  • SEC obtained final judgment against Frank T. Poerio, Jr.
  • SEC charged Frank T. Poerio, Jr. with insider trading
  • Frank T. Poerio, Jr. traded securities of Dick’s Sporting Goods, Inc. based on material nonpublic information
  • Frank T. Poerio, Jr. realized illegal profits of more than $800,000
  • Frank T. Poerio, Jr. consented entry of final judgment ordering payment of disgorgement of $823,367
  • Disgorgement payment is deemed satisfied criminal restitution ordered against Poerio
  • Criminal restitution ordered against Poerio in United States v. Poerio
  • Final judgment incorporates May 15, 2024, judgment permanently enjoining Poerio from violating Section 10(b) of the Exchange Act and Rule 10b-5
  • Jason Litow conducted SEC investigation
  • Max Clarke assisted SEC investigation
  • Steve Rapkin assisted SEC investigation
  • Derek Bentsen assisted SEC investigation
  • James Carlson assisted SEC investigation
  • Kevin Guerrero supervised SEC investigation
  • Stacy Bogert supervised SEC investigation
  • Mark Cave supervised SEC investigation
  • SEC appreciates assistance of U.S. Attorney’s Office for the Western District of Pennsylvania
  • SEC appreciates assistance of FBI
PDF (from attached: complaint)
SEC v. Civil Action No. 2:24-cv-700 · Source
Text layers
Extracted body text (1,936c) 
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.
OCR text (1,936c · html-text · 99% conf) 
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.

Related documents (2)