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

Petrosino faces up to 20 years in prison for wire fraud after defrauding victims across North Jersey.

Apr. 3, 2026 at 6:23pm

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An extreme close-up photograph of a crumpled, torn investment statement lit by a harsh, direct camera flash against a pitch-black background, conceptually representing the gritty details of a financial fraud scheme.The harsh lighting and stark contrast of this image evoke the sudden, unsettling nature of the investment fraud scheme that targeted elderly victims in North Jersey.Union City Today

A 60-year-old Union City man has pleaded guilty to a $1.1 million investment fraud scheme that targeted elderly victims across North Jersey. Antonio Petrosino, also known as Anthony Petrosino, admitted to convincing his victims to transfer funds to him under the false pretense that he would invest the money, when in reality he used the cash for his own personal expenses, including gambling and rent.

Why it matters

Elderly residents are often vulnerable to financial exploitation, and this case highlights the need for greater protections and education to prevent such fraud schemes from occurring. The significant amount stolen from multiple victims in this case underscores the serious impact these crimes can have on retirees and others living on fixed incomes.

The details

According to the U.S. Attorney's Office, Petrosino carried out the scheme from January 2016 through November 2024, providing his victims with fake investment statements that appeared to show their money had been deposited into various accounts. When the victims questioned the status of their funds, Petrosino gave them false reassurances to cover up the fraud. In total, he stole $1.1 million from at least four victims living in Paramus, Wyckoff, Westwood, and Hoboken.

  • From January 2016 through November 2024, Petrosino carried out the investment fraud scheme.
  • Petrosino pleaded guilty to wire fraud on April 3, 2026.
  • Sentencing is scheduled for August 5, 2026.

The players

Antonio Petrosino

Also known as Anthony Petrosino, the 60-year-old Union City man who pleaded guilty to a $1.1 million investment fraud scheme targeting elderly victims across North Jersey.

Robert Frazer

The U.S. Attorney for the District of New Jersey who announced the charges against Petrosino.

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What they’re saying

“Elderly residents are often vulnerable to financial exploitation, and this case highlights the need for greater protections and education to prevent such fraud schemes from occurring.”

— Robert Frazer, U.S. Attorney for the District of New Jersey

What’s next

Petrosino faces up to 20 years in prison and a $250,000 fine when he is sentenced on August 5, 2026.

The takeaway

This case serves as a stark reminder of the importance of financial literacy and vigilance, especially for elderly individuals, to protect against predatory investment schemes that can devastate retirement savings and leave victims with little recourse. It also underscores the need for stronger regulations and enforcement to safeguard vulnerable populations from such exploitation.