Union City Fraudster Antonio Petrosino Indicted for $1 Mil Elder Scam

Newark, NJ – The grim tale of Antonio Petrosino, a 60-year-old Union City resident, took a sinister turn as he was arraigned on July 9th for a brazen investment fraud and money laundering scheme that bilked elderly victims out of over $1 million. According to U.S. Attorney Alina Habba, Petrosino, also known as Anthony Petrosino, has been charged with five counts of wire fraud and one count of engaging in monetary transactions in property derived from specified unlawful activity.

Petrosino was indicted by a federal grand jury on June 18th, following an investigation that began when he was charged by complaint in January with similar charges. The scheme spanned over eight years, from January 2016 to November 2024, where Petrosino deceived his victims into transferring funds under the guise of investment opportunities.

In court documents and statements, it was revealed that Petrosino falsely posed as a financial services professional, promising investments and gains for the elderly. One victim, an elderly woman, was provided with falsified investment statements showing she had hundreds of thousands in various accounts. Instead of investing this money, Petrosino used it to fund his personal life: gambling, credit card bills, and rent on a luxury apartment.

When victims questioned him about the missing funds, Petrosino offered false reassurances, furthering his deception. The charges against him carry significant penalties, with each wire fraud count carrying a maximum of 20 years in prison, and the money laundering charge up to 10 years. If convicted, he faces fines totaling $250,000 or twice the amount of gain or loss from the offense.

The investigation was a collaborative effort between the FBI, the Board of Governors of the Federal Reserve System – Consumer Financial Protection Bureau, and Wyckoff Police Department. Assistant U.S. Attorney Jennifer Kozar is representing the government in this case.

The charges are merely accusations, with Petrosino presumed innocent until proven guilty. His defense is led by Michael Thomas, Esq. More information can be found in Petrosino’s indictment at petrosino.indictment.pdf.