A Union City has pleaded guilty to defrauding elderly investors out of $1.1 million by assuring them he would use the funds for their benefit, U.S. Attorney Robert Frazer announced.
By John Heinis/Hudson County View
Antonio “Anthony” Petrosino, 60, of Union City, pleaded guilty before U.S. District Judge Stanley R. Chesler on March 25th to Count One of an indictment charging him with wire fraud.
He was charged with defrauding one elderly investor out of over $880,000 in January 2025.
From in or around January 2016 through in or around November 2024, Petrosino fraudulently induced the victims to transfer investment funds, mortgage payments, and other money to Petrosino, according to court documents.
As part of the scheme to defraud, Petrosino held himself out to be a financial services professional to his victims and falsely led them to believe that he would invest the victims’ 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 as promised.
Instead, Petrosino misappropriated the money to pay for 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 his fraud.
In total, Petrosino stole approximately $1.1 million from the victims.
The wire fraud charge that Petrosino pleaded guilty to carries a maximum penalty of 20 years in prison and a $250,000 fine, or twice the gross amount of gain or loss from the offense, whichever is greatest. Sentencing is scheduled for August 5th.
Frazer credited special agents of the FBI, special agents of the Board of Governors of the Federal Reserve System – Consumer Financial Protection Bureau, Office of Inspector General, and the Wyckoff Police Department with the investigation leading to Petrosino’s indictment.
