Union City Man Indicted in $1 Million Fraud Scheme Targeting Elderly Victims

Antonio Petrosino accused of posing as financial advisor to misappropriate investment funds for personal use

Antonio Petrosino, 60, of Union City, New Jersey, has been indicted on federal wire fraud and money laundering charges in connection with a years-long scheme that defrauded elderly and other victims out of more than $1 million, according to an announcement by U.S. Attorney Alina Habba.

The indictment, returned by a federal grand jury on June 18, 2025, includes five counts of wire fraud and one count of money laundering. Petrosino was arraigned on July 9 before Senior U.S. District Judge Stanley R. Chesler in Newark federal court. He was previously charged by complaint in January 2025.

Federal prosecutors allege that from January 2016 through November 2024, Petrosino posed as a financial services professional to gain the trust of victims, many of them elderly. He allegedly solicited investment funds and mortgage payments, falsely claiming the money would be used for brokerage accounts and other legitimate financial products on their behalf. Instead, Petrosino allegedly diverted the funds for personal expenses including gambling, credit card bills, and rent for a luxury apartment.

Court documents describe how Petrosino issued falsified investment statements to at least one elderly victim, showing fictitious balances in various accounts to perpetuate the illusion of legitimate investments. When questioned by victims or their families, Petrosino allegedly offered false reassurances to conceal the misuse of funds.

The indictment charges Petrosino with engaging in monetary transactions with property derived from unlawful activity and alleges that the total amount stolen exceeded $1 million.

Each of the five wire fraud counts carries a potential sentence of up to 20 years in prison. The money laundering charge carries a maximum penalty of 10 years. Each count also includes a possible fine of up to $250,000, or twice the value of the financial gain or loss, whichever is greater.

The investigation was led by special agents of the FBI's Newark Field Office; the Office of Inspector General for the Federal Reserve System and Consumer Financial Protection Bureau; and the Wyckoff Police Department.

Assistant U.S. Attorney Jennifer Kozar of the Economic Crimes Unit is prosecuting the case.

The charges in the indictment are accusations, and the defendant is presumed innocent unless and until proven guilty in a court of law.