07/16/2025

Hudson County Man Indicted for Investment Fraud and Money Laundering Scheme Involving Elderly Victims

United States Attorney's Office District of New Jersey

NEWARK, NJ. – A New Jersey man was arraigned on wire fraud and money laundering charges for a scheme to defraud elderly and other victims by misappropriating funds that the victims were told would be invested on their behalf or otherwise used for their benefit, U.S. Attorney Alina Habba announced.

Antonio Petrosino, a/k/a Anthony Petrosino, 60, of Union City, New Jersey, was arraigned on July 9, 2025, before Senior U.S. District Judge Stanley R. Chesler.  Petrosino was indicted by a federal grand jury on June 18, 2025, with five counts of wire fraud (Counts One through Five) and one count of engaging in monetary transactions in property derived from specified unlawful activity (Count Six).  Petrosino was previously charged by complaint in January 2025 with one count of wire fraud and one count of engaging in monetary transactions in property derived from specified unlawful activity.

According to documents filed in the case and statements made in court:

From in or around January 2016 through in or around November 2024, Petrosino fraudulently induced the victims to transfer investment funds, mortgage payments, and other money to Petrosino.  As part of the scheme to defraud, Petrosino held himself out to be a financial services professional to his victims and falsely led them to believe that he would invest the victims’ money in brokerage accounts and other investment products or otherwise use it for their benefit.  To perpetuate his fraud, Petrosino provided one elderly victim with falsified investment statements that purported to show that she had hundreds of thousands of dollars deposited in various investment accounts in her name.  Petrosino also made various statements to victims assuring them that their money had been invested or used as promised.