By: Richard L. Smith
A Hudson County man has admitted to orchestrating a years-long fraud scheme that targeted elderly and vulnerable victims, federal authorities announced.
According to U.S. Attorney Robert Frazer, Antonio Petrosino, also known as Anthony Petrosino, 60, of Union City, pleaded guilty on March 25, 2026, before U.S. District Judge Stanley R. Chesler to one count of wire fraud.
Federal prosecutors said that from approximately January 2016 through November 2024, Petrosino convinced victims to entrust him with large sums of money under the false promise that he would invest the funds or use them for their financial benefit.
Authorities stated that Petrosino portrayed himself as a financial services professional, misleading victims into believing their money would be placed into legitimate brokerage accounts and investment products.
In one case, he provided an elderly victim with falsified financial statements showing hundreds of thousands of dollars in supposed investments.
Instead, investigators said Petrosino never invested the money.
Prosecutors revealed that he diverted the funds for personal use, including gambling, credit card payments, and rent for a luxury apartment.
Even when questioned, Petrosino allegedly continued the deception, offering false assurances to victims and their family members about the status of their funds.
In total, authorities say the scheme resulted in approximately $1.1 million in losses.
The wire fraud charge carries a maximum sentence of up to 20 years in federal prison, along with a fine of up to $250,000, or twice the amount of financial gain or loss. Petrosino is scheduled to be sentenced on August 5, 2026.