NJ Man Admits $1.1M Investment Fraud Targeting Elderly

A New Jersey man has admitted to defrauding elderly and other victims out of more than $1 million in investment schemes.

Last week, 60-year-old Antonio ("Anthony") Petrosino of Union City pleaded guilty to wire fraud.

Victims Misled With Fake Investment Promises

Federal authorities said that from around January 2016 through November 2024, Petrosino, claiming to be a financial services professional, fraudulently induced his victims to transfer investment funds, mortgage payments, and other money to him, so that it could be invested in ways to benefit them.

To perpetuate his fraud, Petrosino gave one elderly victim phony investment statements that purported to show that she had hundreds of thousands of dollars deposited in various investment accounts in her name. He also made various statements to victims assuring them that their money had been invested or used as promised.

In reality, Petrosino failed to invest that money and he used it to pay for his personal expenses, including gambling, credit card payments, and rent on a luxury apartment.

In total, officials said Petrosino stole approximately $1.1 million from the victims.

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Charge Carries Up to 20 Years

The wire fraud charge that Petrosino pleaded guilty to carries up to 20 years in prison and a $250,000 fine. Sentencing is scheduled for August 5th.

Chris Coleman is a South Jersey native and has been a cornerstone of the Atlantic City radio market since 1998. He serves as Brand Manager for WPG Talk Radio 95.5 and afternoon on-air personality for Cat Country 107.3. A five-time President's Circle award winner and Townsquare Media's 2024 Content Creator of the Year, Chris covers news, events, and stories of interest across Southern New Jersey. Story tips: chris.coleman@townsquaremedia.com