A New Jersey man has been sentenced to 63 months in prison for defrauding elderly victims of more than $1 million by falsely promising to invest their money, federal prosecutors said.
Antonio Petrosino, 61, of Union City, New Jersey, was sentenced on November 5th, 2026, by U.S. District Judge Stanley R. Chesler, according to the U.S. Attorney’s Office for the District of New Jersey. Petrosino had pleaded guilty to wire fraud on March 25, 2026.
Scheme Details
The scheme ran from January 2016 through November 2024 and involved tricking victims into sending money for supposed investments or personal benefit, prosecutors said.
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,” the U.S. Attorney’s Office said.
Instead of investing the money, Petrosino spent it on personal expenses including gambling, credit card bills, and rent for a luxury apartment, according to prosecutors.
Financial Penalties
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, the Federal Reserve Board Office of Inspector General, and the Wyckoff Police Department conducted the investigation.
