Source: Office of United States Attorneys
NEWARK, NJ. – A New Jersey man was arrested today and charged with engaging in a scheme to defraud an elderly victim investor out of out of more than $880,000, after entrusting him to invest her money on her behalf, Acting U.S. Attorney Vikas Khanna announced today.
Antonio Petrosino, a/k/a Anthony Petrosino, 59, of Union City, New Jersey, is charged by complaint with one count of wire fraud and one count of money laundering. He is scheduled to have his initial appearance this afternoon before U.S. Magistrate Judge Michael A. Hammer in Newark federal court.
According to documents filed in the case and statements made in court:
Between March 2018 and March 2024, Petrosino fraudulently induced the victim investor to transfer approximately $916,000 to Petrosino based on his misrepresentations that he would invest those funds in brokerage accounts and other investment products for the benefit of the victim investor. To perpetuate his fraud, Petrosino provided the victim investor 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 provided the victim investor with payments in the approximate range of $4000-$8000 that he claimed was the interest that the victim investor had earned on her investments.
In reality, Petrosino failed to invest the victim investor’s funds for her benefit as promised. Instead, he misappropriated the money to pay for his personal expenses, including gambling, credit card payments, and rent on his luxury apartment unit. Petrosino also caused the transfer of the victim investor’s funds without her knowledge or consent, including transfers directly from the victim investor’s bank account to Petrosino’s landlord. Additionally, Petrosino told the victim investor he would assist her with preparing her tax returns and told her to send him approximately $40,000 that he claimed she owed in taxes, which he misappropriated for his personal benefit. In total, Petrosino stole more than approximately $888,000 from the victim investor.
The wire fraud charge carries a maximum penalty of 20 years in prison. The money laundering charge carries a maximum penalty of 10 years in prison. Both counts carry a $250,000 fine, or twice the gross amount of gain or loss from the offense, whichever is greatest.
Acting U.S. Attorney Vikas Khanna credited special agents of the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark, with the investigation leading to today’s arrest.
The government is represented by Assistant U.S. Attorney Jennifer Kozar of the U.S. Attorney’s Office Economic Crimes Unit in Newark.
The charges and allegations contained in the complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty.
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