New Jersey Man Gets 63 Months for Taking $1.1 Million From Elderly and Other Victims Who Thought He Was Investing It

Published Nov. 9, 2026. Case status is current as of that date.

For almost nine years, a New Jersey man told people he would invest their money, and in at least one case handed an elderly woman statements showing hundreds of thousands of dollars in accounts in her name. Federal prosecutors say the money was never invested. On Nov. 6, 2026, the U.S. Attorney's Office for the District of New Jersey announced that Antonio Petrosino, also known as Anthony Petrosino, 61, of Union City, New Jersey, had been sentenced the day before to 63 months in prison [1].

Status: Petrosino pleaded guilty on March 25, 2026, before U.S. District Judge Stanley R. Chesler to Count One of an indictment charging wire fraud, and has now been sentenced [1].

How the scheme worked

According to the U.S. Attorney's Office, which cited documents filed in the case and statements made in court [1]:

• From January 2016 through November 2024, Petrosino induced victims to transfer "investment funds, mortgage payments, and other money" to him.
• He "held himself out to be a financial services professional" and led victims to believe he would invest their money "in brokerage accounts and other investment products or otherwise use it for their benefit."
• He gave one elderly victim falsified investment statements that purported to show she had hundreds of thousands of dollars in various investment accounts in her name.
• He did not invest the money. Prosecutors say he used it for personal expenses, "including gambling, credit card payments, and rent on his luxury apartment unit."
• When victims asked where their money was, he gave them and their family members "false reassurances about the status of the victims' funds to cover up the fraud."

In total, the office says, Petrosino took approximately $1.1 million from the victims. The release does not say how many people lost money, and it does not name any victim. Neither do we.

The defendant and his sentence

Antonio Petrosino (a/k/a Anthony Petrosino), 61, Union City, N.J. In addition to 63 months in prison, Judge Chesler ordered forfeiture and restitution totaling $1,130,406.63 and two years of supervised release [1]. The release lists his defense counsel as Assistant Federal Public Defender Maggie Moy.

The FBI's Newark office, the Office of Inspector General for the Federal Reserve Board and Consumer Financial Protection Bureau, and the Wyckoff (N.J.) Police Department investigated the case. Assistant U.S. Attorneys Jennifer Kozar and Sean Nadel prosecuted it [1].

The release does not say whether Petrosino held any securities or insurance license, and we have not found a public record saying so. We do not assume either way.

Why paper statements fool people

A monthly statement that looks like it came from a brokerage is one of the most convincing tools in an investment fraud. It lets the person holding your money show "growth" that never happened, and it buys time. Victims who see their balance rising have little reason to ask for a withdrawal, and family members who glance at the paperwork may be reassured too. The statements in this case, according to prosecutors, were falsified [1].

The scheme also went beyond investments. The release says victims sent Petrosino mortgage payments and other money he was supposed to use "for their benefit." When someone offers to handle routine bills for an older person, the same risk applies: money can be diverted while the paperwork says everything is fine.

Red flags

These are general warning signs, not claims about any person beyond what the court record shows.

• An "advisor" asks you to send money to them personally, rather than to an account at a brokerage or bank in your own name.
• Statements come only from the advisor, not directly from a custodian such as a brokerage firm or bank.
• You cannot log in to an account at the financial institution yourself, or the advisor discourages you from calling it.
• The advisor offers to "take care of" your mortgage or other bills with money you send them.
• Requests to withdraw are met with reassurances and delays instead of a transfer.

What to do if you're targeted

• Check registration before handing anyone money. FINRA's BrokerCheck and the SEC's Investment Adviser Public Disclosure site show whether a person is registered and whether they have a disciplinary history.
• Call the custodian directly, using a number you look up yourself, to confirm that an account exists and what is in it.
• Pay your own mortgage and bills directly to the lender or company, or use a trusted family member with online access you can review.
• If you are an older adult or a family member, the National Elder Fraud Hotline is 833-FRAUD-11 (833-372-8311).
• Report fraud to the FBI at ic3.gov, to your state securities regulator, and at ReportFraud.ftc.gov.

Case status (as of Nov. 9, 2026)

Defendant	Court	Status	Source
Antonio Petrosino (a/k/a Anthony Petrosino), 61, Union City, N.J.	U.S. District Court, District of New Jersey (Judge Stanley R. Chesler)	Pleaded guilty March 25, 2026, to one count of wire fraud; sentenced Nov. 5, 2026, to 63 months in prison, two years of supervised release, and $1,130,406.63 in forfeiture and restitution	[1]

Statuses can change. The release does not give a case number or a date to report to prison.

Sources

1. U.S. Attorney's Office, District of New Jersey, "New Jersey Man Sentenced to 63 Months for Stealing more than $1 Million in Investment Fraud Scheme Involving Elderly Victims," Nov. 6, 2026. https://www.justice.gov/usao-nj/pr/new-jersey-man-sentenced-63-months-stealing-more-1-million-investment-fraud-scheme

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