Newark, NJ – The grim halls of justice were once again stirred by the arraignment of Antonio Petrosino, a/k/a Anthony Petrosino, on July 9, 2025. The 60-year-old Union City resident stands accused of orchestrating a multi-million-dollar investment fraud scheme that targeted vulnerable elderly victims.
Indicted with five counts of wire fraud and one count of money laundering, Petrosino is alleged to have misappropriated over $1 million from his unsuspecting victims. He falsely portrayed himself as a financial services professional, promising investments that would yield significant returns for those who entrusted him with their life savings.
According to court documents, the scheme spanned from January 2016 to November 2024. Petrosino duped his victims into transferring funds by fabricating investment statements and making false promises about the use of their money. In reality, he funneled the proceeds into personal expenses such as gambling and luxury living.
Senior U.S. District Judge Stanley R. Chesler presided over the arraignment, where Petrosino faced a future that could include up to 20 years in prison on each wire fraud charge, plus an additional 10 years for money laundering. The scheme’s brazenness has sparked a chorus of condemnation from law enforcement agencies, including the FBI and the Board of Governors of the Federal Reserve System – Consumer Financial Protection Bureau.
Assistant U.S. Attorney Jennifer Kozar will lead the prosecution against Petrosino in this egregious case of financial exploitation. As the investigation unfolds, it serves as a stark reminder of the dangers posed by fraudulent schemes targeting our most vulnerable citizens.
The charges and allegations against Antonio Petrosino are mere accusations, and he is presumed innocent until proven guilty in court. His defense team, led by Michael Thomas, Esq., will undoubtedly present their case to challenge the government’s claims.
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Key Facts
- State: New Jersey
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Organized Crime
- Source: Official Source ↗
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