Antonio Petrosino, also known as Anthony Petrosino, a 60-year-old man from Union City, New Jersey, has been indicted for running a long-term investment fraud scheme that targeted elderly people and others who trusted him. Authorities say he tricked victims into giving him money for fake investments. Instead of investing the money, he spent it on himself.
Petrosino, who lived in a luxury apartment, told his victims that he was a financial expert. He claimed he would help them grow their money by placing it into brokerage accounts and other investment products. Some victims even trusted him with mortgage payments and large personal savings.
But investigators found that this was all a lie. From around January 2016 to November 2024, Petrosino took more than $1 million from his victims and used it to cover his own expenses. He paid for rent, gambling, and personal credit card bills using the stolen funds.
One elderly victim was shown fake statements that appeared to show she had hundreds of thousands of dollars in investments. These statements were made to look real but were completely false. The purpose was to keep her from getting suspicious and asking for her money back.
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Federal Agents Uncover the Crime
Petrosino was formally arraigned on July 9, 2025, in federal court before Senior U.S. District Judge Stanley R. Chesler. A federal grand jury had indicted him on June 18, 2025, with five counts of wire fraud and one count of money laundering. He was first charged earlier this year in January 2025.
The charges are very serious. Each wire fraud charge could lead to up to 20 years in prison. The money laundering charge carries a maximum sentence of 10 years. On top of prison time, each count could come with a fine of $250,000 or more—depending on how much money was involved.
The case was announced by U.S. Attorney Alina Habba and investigated by multiple agencies. Special agents from the FBI, under the direction of Special Agent in Charge Stefanie Roddy in Newark, played a major role in uncovering the scheme. Additional support came from special agents of the Board of Governors of the Federal Reserve System – Consumer Financial Protection Bureau, Office of Inspector General, led by Special Agent in Charge Brian Tucker, and the Wyckoff Police Department, under Chief David V. Murphy.
Investigators found that Petrosino kept the scheme going by giving false updates to victims. Even after victims asked where their money had gone, he provided fake reassurances to them and their families, pretending that everything was fine.
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Elderly Victims Left Without Their Savings
The fraud had a painful impact on the victims. Many were elderly individuals who believed they were making smart financial decisions. They trusted Petrosino to help them secure their future. Instead, they were misled and robbed of their savings.
Some thought their money was safe in investment accounts for years. One victim believed she had hundreds of thousands saved, only to find out later that it was a lie.
Authorities say Petrosino used his false image as a trusted financial professional to get closer to his victims. He had no intention of investing the money and instead used it to support a lifestyle filled with personal luxuries.
The total amount stolen is believed to exceed $1 million. More details may emerge as the case moves forward.
The case is being prosecuted by Assistant U.S. Attorney Jennifer Kozar of the U.S. Attorney’s Office Economic Crimes Unit in Newark.
Law enforcement reminds the public that these charges are accusations. Antonio Petrosino is presumed innocent unless and until he is proven guilty in court.