NJ Man Charged with Defrauding Elderly Investor of Over $880,000

Allegedly misused victim’s funds for gambling, credit card bills, and luxury apartment rent.

A Hudson County resident has been accused of orchestrating a scheme to steal over $880,000 from an elderly investor by falsely claiming he would invest her money in brokerage accounts and other financial products. Antonio Petrosino (also known as Anthony Petrosino), 59, of Union City, was arrested on charges of wire fraud and money laundering, Acting U.S. Attorney Vikas Khanna announced. Petrosino is expected to appear before U.S. Magistrate Judge Michael A. Hammer in Newark federal court.

Alleged Scheme and Misrepresentations

Court documents reveal that between March 2018 and March 2024, Petrosino induced the victim to transfer more than $900,000 to him, with the understanding that those funds would be invested on her behalf. However, according to prosecutors, Petrosino:

Provided falsified investment statements to the victim, claiming she owned hundreds of thousands of dollars in various accounts.
Sent the victim periodic payments purported to be “interest” on the investments, generally ranging from $4,000 to $8,000.

In actuality, authorities allege, Petrosino used the victim’s money to cover his own gambling expenses, luxury apartment rent, and other personal costs. He also allegedly persuaded the victim to send him about $40,000, telling her it was needed for tax payments—but ultimately used that sum for his personal benefit.

Potential Penalties

Wire Fraud: Up to 20 years in prison
Money Laundering: Up to 10 years in prison
Fines: A maximum $250,000 (or twice the gross gain or loss, whichever is greater) on each count

Investigation and Next Steps

Acting U.S. Attorney Khanna credited special agents of the FBI’s Newark Field Office, led by Acting Special Agent in Charge Terence G. Reilly, with conducting the investigation. Assistant U.S. Attorney Jennifer Kozar of the Economic Crimes Unit in Newark is handling the prosecution.

Petrosino remains presumed innocent unless and until proven guilty. If convicted, he faces substantial prison time and financial penalties for allegedly defrauding the victim in one of the most common financial exploitation scenarios—targeting an older adult under the guise of investment expertise.