NEWARK, NJ. – A New Jersey man was sentenced yesterday to 63 months’ imprisonment for defrauding elderly and other victims out of more than $1 million that he falsely told the victims he would invest on their behalf or otherwise use for their benefit, U.S. Attorney Robert Frazer announced.
Antonio Petrosino, a/k/a Anthony Petrosino, 61, of Union City, New Jersey, previously pleaded guilty before U.S. District Judge Stanley R. Chesler on March 25, 2026 to Count One of an Indictment charging him with wire fraud.
According to documents filed in the case and statements made in court:
From January 2016 through November 2024, Petrosino fraudulently induced the victims to transfer investment funds, mortgage payments, and other money to Petrosino. As part of the scheme, Petrosino held himself out to be a financial services professional and falsely led his victims to believe that he would invest their money in brokerage accounts and other investment products or otherwise use it for their benefit. To perpetuate his fraud, Petrosino provided one elderly victim with falsified investment statements that purported to show that she had hundreds of thousands of dollars deposited in various investment accounts in her name. Petrosino also made various statements to victims assuring them that their money had been invested or used as promised.
In reality, Petrosino failed to invest the victims’ funds or otherwise use victim monies for the victims’ benefit. Instead, Petrosino misappropriated the money to pay his personal expenses, including gambling, credit card payments, and rent on his luxury apartment unit. When confronted by victims about the status of the money they sent to Petrosino, he provided the victims and their family members false reassurances about the status of the victims’ funds to cover up the fraud. In total, Petrosino stole approximately $1.1 million from the victims.
Every criminal must be punished and every innocent must get justice.
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