Source: US FBI
NEWARK, NJ. – A New Jersey man was arraigned on wire fraud and money laundering charges for a scheme to defraud elderly and other victims by misappropriating funds that the victims were told would be invested on their behalf or otherwise used for their benefit, U.S. Attorney Alina Habba announced.
Antonio Petrosino, a/k/a Anthony Petrosino, 60, of Union City, New Jersey, was arraigned on July 9, 2025, before Senior U.S. District Judge Stanley R. Chesler. Petrosino was indicted by a federal grand jury on June 18, 2025, with five counts of wire fraud (Counts One through Five) and one count of engaging in monetary transactions in property derived from specified unlawful activity (Count Six). Petrosino was previously charged by complaint in January 2025 with one count of wire fraud and one count of engaging in monetary transactions in property derived from specified unlawful activity.
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, Petrosino 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 more than approximately $1 million from the victims.
The wire fraud charges each carry a maximum penalty of 20 years in prison. The money laundering charge carries a maximum penalty of 10 years in prison. All counts carry a $250,000 fine, or twice the gross amount of gain or loss from the offense, whichever is greatest.
U.S. Attorney Habba 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 of the U.S. Attorney’s Office Economic Crimes Unit in Newark.
The charges and allegations contained in the indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.
###
Defense Counsel: Michael Thomas, Esq.