NJ Man Pleads Guilty to $1.1M Investment Fraud

Prosecutors say victims trusted him with their money, but he spent it on gambling and luxury living.

Mar. 31, 2026 at 8:19pm

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An extreme close-up photograph of a crumpled, worn dollar bill against a pitch-black background, lit by a harsh, direct camera flash, conceptually representing the physical evidence at the center of a major investment fraud case.A harsh, gritty close-up of the physical evidence at the heart of a multi-year investment fraud scheme that robbed vulnerable victims of over $1 million.Union Today

A 60-year-old New Jersey man named Antonio "Anthony" Petrosino has pleaded guilty to wire fraud after defrauding elderly and other victims out of more than $1.1 million in investment schemes. Petrosino falsely claimed to be a financial services professional and induced victims to transfer funds to him, which he then used for personal expenses instead of investing as promised.

Why it matters

This case highlights the ongoing threat of investment fraud schemes targeting vulnerable populations like the elderly, as well as the need for stronger financial oversight and consumer protections. Investment fraud can have devastating impacts on victims, robbing them of their life savings and eroding public trust in the financial system.

The details

From around January 2016 through November 2024, Petrosino fraudulently induced his victims to transfer investment funds, mortgage payments, and other money to him, claiming he would invest it to benefit them. To perpetuate the fraud, he provided one elderly victim with phony investment statements showing hundreds of thousands of dollars in accounts in her name. However, Petrosino failed to invest the money and instead used it for personal expenses like gambling, credit card payments, and rent on a luxury apartment.

  • Petrosino's fraud scheme ran from around January 2016 through November 2024.
  • Petrosino pleaded guilty to wire fraud last week.

The players

Antonio "Anthony" Petrosino

A 60-year-old New Jersey resident who pleaded guilty to wire fraud after defrauding elderly and other victims out of more than $1.1 million in investment schemes.

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What’s next

Petrosino is scheduled to be sentenced for the wire fraud charge on August 5th. He faces up to 20 years in prison and a $250,000 fine.

The takeaway

Investment fraud can have devastating impacts on victims, robbing them of their life savings and eroding public trust in the financial system. This case serves as a reminder of the importance of financial literacy, vigilance, and strong regulations to protect vulnerable populations from such predatory schemes.