A federal judge in Newark has sentenced Antonio Petrosino, 61, of Union City, New Jersey, to 63 months in prison for taking about $1.1 million from elderly and other victims in an investment fraud. He was also ordered to pay forfeiture and restitution totaling $1,130,406.63. The U.S. Attorney’s Office for the District of New Jersey announced the sentence on Nov. 6.
The case is a reminder of how long a fraud can run before anyone stops it. Prosecutors say the scheme lasted from January 2016 to November 2024, close to nine years.
What prosecutors say Petrosino did
According to the U.S. Attorney’s Office, Petrosino posed as a financial services professional. He persuaded victims to hand over investment funds, mortgage payments and other money, saying he would put it into brokerage accounts or use it for their benefit…