đź’° A Union City man admitted to a $1.1M investment fraud scheme targeting elderly victims across North Jersey.
👵 Victims were misled with fake investment statements and false promises of financial growth.
⚖️ He now faces up to 20 years in prison, with sentencing set for August 2026.
NEWARK — A Hudson County man has admitted to stealing more than $1 million in an investment fraud scheme involving elderly victims.
Elderly victims targeted in North Jersey investment fraud scheme
According to the U.S. Attorney’s Office for the District of New Jersey, from January 2016 through November 2024, Antonio Petrosino, AKA Anthony Petrosino, 60, of Union City, convinced his victims to transfer investment funds, mortgage payments, and other money to him.
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As part of the scheme, Petrosino pretended to be a financial services professional and led his victims to believe he would invest their money into brokerage accounts, and other investment products, or otherwise use it for their benefit, U.S. Attorney Robert Frazer said.
According to court documents, there were at least four victims involved, who lived in Paramus, Wyckoff, Westwood, and Hoboken.
Fake investment statements used to deceive victims
Petrosino gave one elderly victim bogus investment statements that appeared to show she had hundreds of thousands of dollars deposited in various investment accounts in her name. He also made other various statements to victims assuring them that their money had been invested or used as promised, Frazer said.
All of it was a ruse. Petrosino never invested the victims’ money or used the funds for the victims’ benefit as promised. Instead, he used the cash to pay for his own personal expenses, including gambling, credit card payments, and rent on his luxury apartment unit, Frazer said.
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When the victims confronted Petrosino about the status of their money, he gave them false reassurances to cover up the fraud…