Union City Man Admits to $1.1 Million Fraud Scheme Targeting Elderly Victims

A Union City man pleaded guilty to federal wire fraud charges on March 25, 2026, in connection with a scheme that defrauded elderly and other victims of more than $1.1 million, according to U.S. Attorney Robert Frazer.

“Antonio Petrosino, also known as Anthony Petrosino, 60, entered his plea before U.S. District Judge Stanley R. Chesler on March 25, 2026,” the announcement stated. He was charged with Count One of an Indictment for wire fraud.

According to court documents and statements made in court, “Petrosino carried out the scheme from January 2016 through November 2024.” Prosecutors said he presented himself as a financial services professional and claimed he would invest victims’ money in brokerage accounts and other investment products.

“As part of the scheme, Petrosino provided at least one elderly victim with falsified investment statements that purported to show hundreds of thousands of dollars deposited in various investment accounts in her name,” the announcement stated. When victims or their family members raised concerns, “Petrosino provided false reassurances to conceal the fraud, according to prosecutors.”

Authorities said the funds were not invested as represented. “In reality, authorities say, Petrosino misappropriated the money for personal expenses including gambling, credit card payments, and rent on a luxury apartment.” Prosecutors stated he stole approximately $1.1 million in total.

Sentencing is scheduled for August 5, 2026.