New Jersey Man Sentenced to 63 Months for Stealing About $1.1 Million in Investment Fraud Targeting Elderly Victims
The U.S. Attorney's Office for the District of New Jersey announced that Antonio Petrosino, also known as Anthony Petrosino, 61, of Union City, New Jersey, was sentenced to 63 months in prison for defrauding elderly and other victims out of more than $1 million he falsely promised to invest on their behalf. U.S. Attorney Robert Frazer announced the sentence.
Petrosino 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 ordered him to pay forfeiture and restitution totaling $1,130,406.63 and sentenced him to two years of supervised release.
According to court documents and statements made in court, from January 2016 through November 2024, Petrosino held himself out as a financial services professional and 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 products or otherwise use it for their benefit. He provided one elderly victim with falsified investment statements purporting to show hundreds of thousands of dollars in accounts in her name, and gave victims false reassurances when they asked about their funds.
In reality, Petrosino failed to invest any of the money. He misappropriated it for personal expenses, including gambling, credit card payments and rent on a luxury apartment, stealing approximately $1.1 million in total.
The case was investigated by the FBI's Newark office, the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau Office of Inspector General, and the Wyckoff Police Department. Assistant U.S. Attorneys Jennifer Kozar and Sean Nadel represented the government. (Source: U.S. Department of Justice)
Source: U.S. Department of Justice
Published by GSM · USA (original Chinese edition)
Photo: 图：美国司法部总部大楼。图片：美国司法部官方照片，公共领域。 / Photo: U.S. Department of Justice headquarters. Image: U.S. Department of Justice, public domain.
