A New Jersey man admitted to a scheme to defraud elderly and other victims out of more than $1 million that he told the victims he would invest on their behalf or otherwise use for their benefit, U.S. Attorney Robert Frazer announced.

Antonio Petrosino, a/k/a Anthony Petrosino, 60, of Union City, New Jersey, pleaded guilty before U.S. District Judge Stanley R. Chesler on March 25, 2026 to Count One of an Indictment charging him with wire fraud.

According to documents filed in the case and statements made in court:

From in or around January 2016 through in or around November 2024, Petrosino fraudulently induced the victims to transfer investment funds, mortgage payments, and other money to Petrosino. As part of the scheme to defraud, Petrosino held himself out to be a financial services professional to his victims and falsely led them to believe that he would invest the victims’ money in brokerage accounts and other investment products or otherwise use it for their benefit. To perpetuate his fraud, Petrosino provided one elderly victim with falsified investment statements that purported to show that she had hundreds of thousands of dollars deposited in various investment accounts in her name. Petrosino also made various statements to victims assuring them that their money had been invested or used as promised.

In reality, Petrosino failed to invest the victims’ funds or otherwise use victim monies for the victims’ benefit as promised. Instead, Petrosino misappropriated the money to pay for his personal expenses, including gambling, credit card payments, and rent on his luxury apartment unit. When confronted by victims about the status of the money they sent to Petrosino, he provided the victims and their family members false reassurances about the status of the victims’ funds to cover up his fraud. In total, Petrosino stole approximately $1.1 million from the victims.

The wire fraud charge that Petrosino pleaded guilty to carries a maximum penalty of 20 years in prison and a $250,000 fine, or twice the gross amount of gain or loss from the offense, whichever is greatest. Sentencing is scheduled for August 5, 2026.

U.S. Attorney Frazer credited special agents of the FBI, under the direction of Special Agent in Charge Stefanie Roddy in Newark; special agents of the Board of Governors of the Federal Reserve System – Consumer Financial Protection Bureau, Office of Inspector General, under the direction of Special Agent in Charge Brian Tucker; and the Wyckoff Police Department, under the direction of Chief David V. Murphy, with the investigation leading to Petrosino’s indictment.

The government is represented by Assistant U.S. Attorney Jennifer Kozar, Co-Chief of the U.S. Attorney’s Office’s General Crimes Unit, and Assistant U.S. Attorney Sean Nadel of the Narcotics and International Trafficking Unit in Newark.