A New Jersey man has been arraigned on charges of wire fraud and money laundering, accused of defrauding elderly victims by misappropriating funds intended for investment. U.S. Attorney Alina Habba announced the charges against Antonio Petrosino, also known as Anthony Petrosino, 60, from Union City, New Jersey.
Petrosino appeared before Senior U.S. District Judge Stanley R. Chesler on July 9, 2025. He was indicted by a federal grand jury on June 18, 2025, with five counts of wire fraud and one count of engaging in monetary transactions derived from unlawful activity. Earlier this year, he faced similar charges by complaint.
Court documents reveal that between January 2016 and November 2024, Petrosino allegedly convinced victims to transfer funds under the guise of investing them or using them for their benefit. Presenting himself as a financial professional, he reportedly deceived victims into believing their money was being invested in brokerage accounts or other products.
One victim received falsified investment statements showing substantial deposits in her name. However, Petrosino is accused of using the funds for personal expenses such as gambling and rent for his luxury apartment. In total, more than $1 million was allegedly stolen from victims.
The wire fraud charges each carry a potential penalty of up to 20 years in prison while the money laundering charge could result in a maximum sentence of 10 years. All counts include fines up to $250,000 or twice the gross gain or loss from the offense.
U.S. Attorney Habba credited the FBI’s special agents led by Special Agent Stefanie Roddy in Newark; agents from the Board of Governors of the Federal Reserve System – Consumer Financial Protection Bureau’s Office of Inspector General under Special Agent Brian Tucker; and Wyckoff Police Department under Chief David V. Murphy for their investigation leading to the indictment.
Assistant U.S. Attorney Jennifer Kozar from the Economic Crimes Unit is representing the government in this case.
“The charges and allegations contained in the indictment are merely accusations,” stated U.S. Attorney Habba, “and the defendant is presumed innocent unless and until proven guilty.”
Defense Counsel: Michael Thomas, Esq.
