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

Petrosino used fake investment statements and false promises to steal from victims across North Jersey

Apr. 3, 2026 at 11:23pm

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An extreme close-up photograph of a crumpled, torn investment statement, the harsh lighting and stark black background creating a gritty, investigative aesthetic that conceptually represents the deception and betrayal experienced by the elderly victims of this financial fraud.A recent investment fraud scheme targeting vulnerable elderly victims in New Jersey has exposed the devastating personal and financial consequences of such predatory crimes.Union City Today

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

Why it matters

This case highlights the vulnerability of elderly individuals to investment fraud schemes, where perpetrators exploit their trust and financial naivety. It also underscores the need for greater financial education and protection for senior citizens to prevent such crimes from occurring.

The details

According to the U.S. Attorney's Office, Petrosino carried out the fraud scheme from January 2016 through November 2024, targeting at least four victims in Paramus, Wyckoff, Westwood, and Hoboken. He provided the victims with fake investment statements that appeared to show their money had been deposited in various accounts, when in reality, he was using the funds for his own personal expenses.

  • Petrosino carried out the fraud scheme from January 2016 through November 2024.
  • Petrosino pleaded guilty to wire fraud in April 2026.
  • Petrosino's 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

The U.S. Attorney for the District of New Jersey, who announced the details of Petrosino's investment fraud scheme.

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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 faces up to 20 years in prison and a $250,000 fine for his wire fraud conviction. His sentencing is scheduled for August 5, 2026.

The takeaway

This case highlights the importance of financial literacy and protection for elderly individuals, who can be vulnerable to investment fraud schemes. It underscores the need for greater awareness and preventative measures to safeguard senior citizens from such predatory practices.