Antonio Petrosino, 61, of Union City, N.J., was sentenced Nov. 5 to 63 months in federal prison for taking more than $1.1 million from elderly and other victims while presenting himself as a financial services professional. Judge Stanley R. Chesler also ordered forfeiture and restitution totaling $1,130,406.63. Petrosino pleaded guilty to wire fraud on March 25, 2026.
U.S. Attorney Robert Frazer announced the sentence, which includes two years of supervised release after the prison term. Prosecutors say the scheme ran from January 2016 through November 2024, almost nine years in which victims kept sending money to a man they believed was investing it for them.
Where the money went
According to the U.S. Attorney’s Office for the District of New Jersey, Petrosino got victims to send him money in several forms, including investment funds, mortgage payments and other payments. He told them he would put it into brokerage accounts and other products or use it for their benefit. Prosecutors have not said how many people lost money, how old they were or whether they paid by check, wire or cash…