Union City Man Arrested for Defrauding Elderly Investor of Over $880,000
Union City Man Arrested for Defrauding Elderly Investor of $880,000
A 59-year-old man from Union City, New Jersey, has been arrested and charged with orchestrating a sophisticated scheme to defraud an elderly woman out of more than $880,000. Antonio Petrosino, also known as Anthony Petrosino, faces serious allegations of wire fraud and money laundering, as announced by Acting U.S. Attorney Vikas Khanna.
Petrosino was taken into custody today and is set to appear before U.S. Magistrate Judge Michael A. Hammer in Newark federal court. According to court documents, from March 2018 to March 2024, Petrosino convinced the victim, an elderly investor, to transfer approximately $916,000 to him under the guise of a financial advisor. He promised to invest her funds in various brokerage accounts and investment products. Instead, he allegedly diverted the money for personal expenses, including gambling, credit card bills, and rent for his luxury apartment.
To maintain the ruse, Petrosino provided falsified investment statements that falsely indicated significant returns on the victim’s investments. He even made regular payments to her, claiming they were interest earnings, which ranged from $4,000 to $8,000. These deceptive practices were designed to instill confidence in the victim, encouraging her to continue trusting him with her funds.
The scheme unraveled when the victim noticed insufficient funds in her accounts, prompting an investigation. Petrosino’s fraudulent activities were further exposed when he failed to provide any proof of the supposed investments. His actions have drawn the attention of federal authorities, with the FBI and other agencies involved in the investigation.
If convicted, Petrosino faces a maximum penalty of 20 years in prison for wire fraud and up to 10 years for money laundering, alongside hefty fines. The case highlights the vulnerability of elderly individuals to financial exploitation and the serious consequences of such deceitful schemes.
