⏱ 2 min read
A 60-year-old New Jersey man, Antonio Petrosino, posed as a financial services professional to steal over $1 million from elderly victims in a sophisticated investment fraud scheme. The scam, which lasted from 2016 to 2024, targeted vulnerable individuals in Union City, New Jersey, and surrounding areas. Petrosino promised to invest the victims’ money in brokerage accounts and other investment products, but instead used it to fund his own lavish lifestyle, including gambling, credit card payments, and rent on his luxury apartment.
Petrosino’s scheme involved providing false investment statements to his victims, making them believe their money was growing in value. However, when confronted by the victims or their family members, he provided false reassurances to cover up his fraud. The total amount stolen from the victims is approximately $1.1 million.
Petrosino pleaded guilty to wire fraud on March 25, 2026, before U.S. District Judge Stanley R. Chesler. The charge carries a maximum penalty, and Petrosino’s sentencing is pending. The investigation and prosecution of this case highlight the importance of protecting elderly and vulnerable individuals from financial exploitation.
The U.S. Attorney’s Office and other law enforcement agencies are working to combat investment fraud schemes and bring perpetrators to justice. This case serves as a reminder for individuals to be cautious when investing their money and to verify the legitimacy of financial services professionals.
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📋 Key Facts
- Crime: Fraud & Financial Crimes
- Defendant: New Jersey
- Location: NJ
- Source: DOJ Press Release
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