New Jersey man indicted for defrauding elderly victims in $1M investment scheme

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July 14, 2025

NEWARK, N.J. — A Hudson County man has been indicted on federal charges for allegedly defrauding elderly and other victims out of more than $1 million through a long-running investment and money laundering scheme, U.S. Attorney Alina Habba announced.

Antonio Petrosino, also known as Anthony Petrosino, 60, of Union City, appeared in federal court on July 9 before Senior U.S. District Judge Stanley R. Chesler. He was indicted on five counts of wire fraud and one count of money laundering by a grand jury on June 18.

Federal prosecutors allege that between January 2016 and November 2024, Petrosino posed as a financial services professional and convinced victims to transfer funds under the false promise of investing the money on their behalf. Victims were led to believe their money would be placed in brokerage accounts or other financial products.

Petrosino allegedly provided falsified investment statements to at least one elderly victim showing substantial balances that did not exist. Prosecutors said he misused the funds for personal expenses, including gambling, credit card payments, and rent for a luxury apartment.

When victims and their families inquired about their funds, Petrosino allegedly gave false assurances to conceal the fraud.

Petrosino was first charged by complaint in January. The newly filed indictment outlines multiple fraudulent transactions and a broader scheme spanning nearly nine years.

Each wire fraud count carries a maximum sentence of 20 years in prison. The money laundering charge carries a maximum of 10 years. All charges are punishable by fines up to $250,000 or twice the financial gain or loss caused by the offense.

Phil Stilton

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