Union City Man Charged With Defrauding Elderly Victim

A Union City man has been charged with defrauding an elderly investor of more than $880,000 in a scheme spanning six years, Acting U.S. Attorney Vikas Khanna announced on Friday, January 24, 2025.

Antonio Petrosino, 59, also known as Anthony Petrosino, was arrested and faces charges of wire fraud and money laundering. He is scheduled to make his initial appearance before U.S. Magistrate Judge Michael A. Hammer in Newark federal court.

Between March 2018 and March 2024, Petrosino allegedly persuaded the victim to entrust him with approximately $916,000 under the guise of investing the funds in brokerage accounts and other financial products. According to court documents, Petrosino fabricated investment statements to make it appear the victim’s funds were earning returns. He also provided her with periodic payments, ranging from $4,000 to $8,000, which he falsely claimed were interest earnings.

Investigators revealed that instead of investing the funds, Petrosino used the money for personal expenses, including gambling, luxury apartment rent, and credit card payments. He also accessed the victim’s bank account without her consent, transferring money directly to cover his landlord’s costs. Additionally, Petrosino misappropriated $40,000 that he claimed was intended for the victim’s tax obligations, further compounding the alleged fraud.

The wire fraud charge carries a potential sentence of up to 20 years in prison, while the money laundering charge is punishable by up to 10 years. Both charges also include fines of up to $250,000 or twice the financial gains or losses from the offenses.

Special agents from the FBI, the Federal Reserve System’s Office of Inspector General, and the Wyckoff Police Department were credited for their roles in the investigation. The Union City Police Department assisted with the arrest. The case is being prosecuted by Assistant U.S. Attorney Jennifer Kozar of the Economic Crimes Unit.

The charges remain allegations, and Petrosino is presumed innocent unless proven guilty in a court of law.