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

Suspect faces up to 20 years in prison for wire fraud after stealing from victims across North Jersey

Apr. 3, 2026 at 8:24pm

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An extreme close-up photograph of a crumpled, tattered investment statement lit by a harsh, direct camera flash against a pitch-black background, conceptually representing the betrayal and financial ruin experienced by the elderly victims.A harsh, unforgiving flash illuminates the tattered remains of a fraudulent investment statement, symbolizing the devastating impact of this scam on vulnerable elderly victims.Union City Today

A 60-year-old Union City man named Antonio Petrosino, also known as Anthony Petrosino, has admitted to defrauding several elderly victims out of more than $1.1 million in an investment fraud scheme. Petrosino convinced his victims to transfer funds to him under the false pretense that he would invest the money, but instead used the cash for his own personal expenses, including gambling, credit card payments, and rent on a luxury apartment.

Why it matters

This case highlights the vulnerability of elderly investors to financial scams and the devastating impact these crimes can have on victims. It also raises concerns about the need for stronger regulations and oversight to protect senior citizens from predatory investment schemes.

The details

According to the U.S. Attorney's Office for the District of New Jersey, Petrosino carried out the fraud scheme from January 2016 through November 2024. He pretended to be a financial services professional and provided his victims with fake investment statements that appeared to show their money had been deposited in various accounts. However, Petrosino never actually invested the funds as promised and instead used the money for his own personal expenses.

  • Petrosino carried out the fraud scheme from January 2016 through November 2024.
  • 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, a 60-year-old man from Union City, New Jersey who admitted to defrauding several elderly victims out of more than $1.1 million in an investment fraud scheme.

Robert Frazer

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

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What they’re saying

“Petrosino pretended to be a financial services professional and led his victims to believe he would invest their money into brokerage accounts, and other investment products, or otherwise use it for their benefit.”

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

What’s next

Petrosino is scheduled to be sentenced on August 5, 2026. The judge will determine the length of his prison sentence, which could be up to 20 years.

The takeaway

This case serves as a stark reminder of the importance of thoroughly vetting financial advisors and being vigilant about protecting one's savings, especially for elderly investors who may be more vulnerable to exploitation. It also highlights the need for stronger regulations and oversight to safeguard senior citizens from predatory investment schemes.