Union City Man Indicted for Defrauding Elderly Victims of Over $1 Million

Antonio Petrosino, 60, of Union City, was arraigned July 9 in Newark federal court on charges of wire fraud and money laundering for allegedly misappropriating over $1 million from elderly and other victims, according to the U.S. Attorney’s Office for the District of New Jersey.

Petrosino was indicted June 18 by a federal grand jury on five counts of wire fraud and one count of money laundering. He had previously been charged by complaint in January.

From January 2016 through November 2024, Petrosino posed as a financial services professional and allegedly convinced victims to transfer funds under the pretense they would be invested or used for their benefit. According to court documents, Petrosino provided at least one elderly victim with falsified investment statements claiming she had hundreds of thousands of dollars in her name.

Instead of investing the funds, authorities allege Petrosino used the money for personal expenses, including gambling, credit card payments, and luxury apartment rent. When victims or their families inquired about their funds, Petrosino allegedly offered false reassurances to conceal the fraud.

Each wire fraud count carries a maximum penalty of 20 years in prison, while the money laundering charge carries a maximum of 10 years. Each count also includes a potential $250,000 fine, or twice the gain or loss from the offense.

The indictment contains allegations only; Petrosino is presumed innocent unless proven guilty.