By: Richard L. Smith
A New Jersey man has been arrested and charged with defrauding an elderly investor out of more than $880,000, according to information released by the U.S. Department of Justice.
Acting U.S. Attorney Vikas Khanna announced that Antonio Petrosino, also known as Anthony Petrosino, 59, of Union City, faces charges of wire fraud and money laundering.
Petrosino is accused of orchestrating a scheme between March 2018 and March 2024 in which he falsely claimed he would invest funds on behalf of the victim.
Instead, he misused the money for personal expenses, including gambling, credit card payments, and rent for a luxury apartment, according to court documents.
Prosecutors allege that Petrosino convinced the victim to transfer approximately $916,000 to him under the guise of investing the money in brokerage accounts and other financial products.
To maintain the deception, Petrosino reportedly provided the victim with falsified investment statements showing significant balances in her name.
He also issued payments ranging from $4,000 to $8,000 to the victim, falsely claiming they were interest earned from her investments.
In reality, none of the funds were invested as promised. Investigators allege that Petrosino not only misappropriated the money but also transferred funds from the victim’s bank account without her knowledge, including payments directly to his landlord.
He also reportedly convinced the victim to send him $40,000 for purported tax obligations, which he used for personal expenses.
Petrosino’s actions resulted in a total theft of more than $888,000 from the victim.
He is scheduled to make his initial appearance before U.S. Magistrate Judge Michael A. Hammer in Newark federal court.
The wire fraud charge carries a maximum sentence of 20 years in prison, while the money laundering charge carries a maximum sentence of 10 years.
Both charges also carry fines of up to $250,000.