A 59-year-old man from Union City, New Jersey, has been arrested and charged in connection with a large-scale scheme to defraud an elderly woman out of more than $880,000. Antonio Petrosino, also known as Anthony Petrosino, faces serious charges of wire fraud and money laundering, following his alleged actions that spanned from 2018 to 2024. Acting U.S. Attorney Vikas Khanna announced the charges.
Petrosino was taken into custody today and is scheduled to appear before U.S. Magistrate Judge Michael A. Hammer in Newark federal court for his initial appearance. According to court documents, between March 2018 and March 2024, Petrosino convinced the victim, an elderly investor, to transfer approximately $916,000 to him.
He falsely represented himself as a financial advisor, promising to invest the funds in brokerage accounts and various investment products. However, rather than investing the money as promised, Petrosino allegedly used it for his personal expenses, including gambling, credit card bills, and rent for his luxury apartment.
Details into Petrosino’s Wire Fraud
To perpetuate his scheme to defraud the victim, Petrosino provided falsified investment statements, which falsely showed large sums of money in the victim’s name. He also made regular payments to the victim, claiming they were interest earnings from her supposed investments, ranging between $4,000 and $8,000. These fabricated payments were designed to give the victim the illusion that her investments were growing and performing well, thereby encouraging her to continue trusting Petrosino with her funds.
However, Petrosino’s fraudulent actions were far more extensive than simply falsifying investment statements. In addition to misappropriating the victim’s funds, he allegedly transferred the victim’s money without her knowledge or consent. On one occasion, Petrosino transferred funds directly from the victim’s bank account to pay his rent. He also convinced the victim to send him $40,000 for tax purposes, claiming it was necessary to cover her tax liability. Petrosino misappropriated this money as well, adding to the total losses of approximately $888,000.
The federal charges Petrosino faces include wire fraud, which carries a maximum penalty of 20 years in prison, and money laundering, which can result in up to 10 years in prison. Additionally, each charge carries a maximum fine of $250,000, or twice the gross amount of gain or loss from the offense, whichever is greater. These penalties reflect the serious nature of the crimes, which not only involved direct theft but also sophisticated financial manipulation and deceit.
The Investigation
Petrosino’s actions were uncovered when the victim’s bank accounts showed insufficient funds, prompting further investigation. Although Petrosino had told the victim that her investments were in hedge funds, insurance, and real estate, he failed to provide any concrete proof to substantiate these claims. His fraudulent activities came to an end when the victim received no more payments after May 2024, and her attempts to recover the funds were unsuccessful.
The investigation into Petrosino’s fraudulent conduct was carried out by special agents from the FBI, the Board of Governors of the Federal Reserve System’s Consumer Financial Protection Bureau, and the Wyckoff Police Department. The investigation was further supported by the Union City Police Department, which assisted with Petrosino’s arrest.
Assistant U.S. Attorney Jennifer Kozar, from the U.S. Attorney’s Office Economic Crimes Unit in Newark, is handling the case. She emphasized the gravity of the charges and the impact that schemes like this can have on vulnerable individuals. The charges and allegations outlined in the criminal complaint are merely accusations, and Petrosino is presumed innocent unless proven guilty in a court of law.