Union City Man Sentenced to 63 Months for $1.1 Million Investment Fraud Targeting Elderly Victims
NEWARK, New Jersey - A Union City man who defrauded elderly and other victims out of more than $1 million by falsely promising to invest their money was sentenced on November 5 to 63 months in federal prison, U.S. Attorney Robert Frazer announced on November 6.
Antonio Petrosino, also known as Anthony Petrosino, 61, of Union City in Hudson County, New Jersey, previously pleaded guilty on March 25, 2026, before U.S. District Judge Stanley R. Chesler to Count One of an indictment charging him with wire fraud. In addition to the prison term, Judge Chesler sentenced Petrosino to two years of supervised release and ordered him to pay forfeiture and restitution to the victims totaling $1,130,406.63.
According to documents filed in the case and statements made in court, from January 2016 through November 2024, Petrosino held himself out as a financial services professional and fraudulently induced victims to transfer investment funds, mortgage payments, and other money to him, falsely leading them to believe he would invest the money in brokerage accounts and other investment products or otherwise use it for their benefit. To perpetuate the fraud, he provided one elderly victim with falsified investment statements purporting to show hundreds of thousands of dollars deposited in investment accounts in her name, and gave victims and their family members false reassurances when they asked about the status of their money.
In reality, Petrosino did not invest the victims' funds or use the money for their benefit. He misappropriated it for personal expenses, including gambling, credit card payments, and rent on a luxury apartment. Prosecutors said he stole approximately $1.1 million from the victims in total.
The case was investigated by special agents of the FBI in Newark, under Special Agent in Charge Stefanie Roddy; special agents of the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau, Office of Inspector General, under Special Agent in Charge Brian Tucker; and the Wyckoff Police Department, under Chief David V. Murphy. The government was represented by Assistant U.S. Attorneys Jennifer Kozar and Sean Nadel; defense counsel was Maggie Moy, an Assistant Federal Public Defender.
(Source: U.S. Department of Justice)
Source: U.S. Department of Justice
Published by GSM · USA (original Chinese edition)
Photo: 图：美国司法部大楼（GSM 固定图库）。 / Photo: The U.S. Department of Justice building. (GSM asset library)
