By: Richard L. Smith
A Union City man has been arraigned on multiple federal charges for allegedly defrauding elderly and other victims out of more than $1 million in a long-running investment scam, according to a press release from the U.S. Department of Justice.
Antonio Petrosino, also known as Anthony Petrosino, 60, appeared before Senior U.S. District Judge Stanley R. Chesler on July 9, 2025.
He faces five counts of wire fraud and one count of money laundering. The charges stem from a federal indictment issued on June 18, 2025. He had previously been charged by criminal complaint in January.
According to court documents, Petrosino operated the scheme between January 2016 and November 2024, portraying himself as a financial professional.
He allegedly persuaded victims to transfer investment funds, mortgage payments, and other money with the promise that it would be used for their benefit or invested on their behalf.
Prosecutors say Petrosino went as far as providing falsified investment statements to at least one elderly victim, falsely showing she had hundreds of thousands of dollars in various accounts.
Instead of investing the money, authorities allege Petrosino used the funds to cover personal expenses—including gambling, credit card bills, and rent for a luxury apartment.
When questioned, Petrosino reportedly offered victims and their families misleading reassurances to hide the fraud.
Each wire fraud charge carries a maximum sentence of 20 years in prison, while the money laundering charge carries a maximum of 10 years. 
All counts are punishable by fines of up to $250,000 or twice the amount of financial loss or gain.
The case remains under federal investigation.