Federal prosecutors have secured a 63-month prison sentence against a New Jersey man who stole more than $1 million from elderly victims by falsely promising to invest their money.
Antonio Petrosino, 61, of Union City, New Jersey, received the term on November 5th, 2026, from U.S. District Judge Stanley R. Chesler after pleading guilty to wire fraud on March 25, 2026, says the U.S. Attorney’s Office for the District of New Jersey.
The scheme ran from January 2016 through November 2024 and involved tricking victims into sending money for supposed investments or personal benefit.
Petrosino presented fake investment statements to one elderly victim, showing hundreds of thousands of dollars in accounts, and gave false assurances when questioned about the funds.
“As part of the scheme, Petrosino held himself out to be a financial services professional and falsely led his victims to believe that he would invest their money in brokerage accounts and other investment products or otherwise use it for their benefit… In reality, Petrosino failed to invest the victims’ funds or otherwise use victim monies for the victims’ benefit.”
He spent the money on personal expenses such as gambling, credit card bills, and rent for a luxury apartment instead of making any investments.
The total amount taken reached approximately $1.1 million.
Judge Chesler also imposed two years of supervised release along with forfeiture and restitution totaling $1,130,406.63.
The FBI, Federal Reserve Board Office of Inspector General, and Wyckoff Police Department conducted the investigation.
