A New Jersey man who told victims he was a financial services professional and then spent their savings and mortgage payments on gambling and a luxury apartment has been sentenced to 63 months in federal prison. Prosecutors say he took about $1.1 million over nearly nine years.
Some of the people he took money from were elderly. One older woman received fake investment statements showing hundreds of thousands of dollars in accounts in her name, according to the Justice Department.
What prosecutors say Antonio Petrosino did
Antonio Petrosino, 61, of Union City, also known as Anthony Petrosino, was sentenced on November 5 by U.S. District Judge Stanley R. Chesler in Newark, the U.S. Attorney’s Office for the District of New Jersey said in a November 6 release. He had pleaded guilty on March 25, 2026, to wire fraud.
From January 2016 through November 2024, according to the office, Petrosino held himself out to be a financial services professional and led victims to believe he would invest their money or use it for their benefit. He persuaded them to transfer investment funds, mortgage payments and other money to him. When victims and their families asked questions, he gave false reassurances, and he gave one elderly victim falsified investment statements.
What a prison sentence does not undo: The court ordered restitution in the Petrosino case, but families who find fake statements or missing mortgage payments still have to report, freeze and document on their own. The first-hour recovery plan in The Senior Fraud Defense & First-Hour Recovery Kit sets the order of the calls and reports once the deception comes to light.
Where the $1.1 million went
Instead of investing, prosecutors say, Petrosino used the money for gambling, credit card payments and rent on a luxury apartment. The court ordered forfeiture and restitution totaling $1,130,406.63 and added two years of supervised release to the 63-month prison term.
The case was investigated by the FBI’s Newark field office, the Office of Inspector General for the Federal Reserve Board and the Consumer Financial Protection Bureau, and the Wyckoff Police Department. Assistant U.S. Attorneys Jennifer Kozar and Sean Nadel prosecuted it. The release does not say how many people lost money.
Why the mortgage payments are the warning sign
The detail that stands out is the mortgage money. A legitimate financial professional does not collect a client’s mortgage payment and pass it along; the payment goes to the loan servicer. When a trusted helper offers to “handle” a monthly bill, the bill can go unpaid for months while the paperwork looks normal, until a late notice or foreclosure letter arrives.
The same goes for statements. Real investment statements come from the brokerage or custodian that holds the account, not from the adviser personally. A statement printed or emailed by the individual, with no matching login at a known firm, is the kind of document prosecutors say Petrosino used to keep one elderly victim from asking for her money back.
How to check a financial professional before handing over money
The Securities and Exchange Commission’s investor site lets anyone check out an investment professional by name. The search shows whether the person and the firm are licensed with the SEC, a state or FINRA, and any disciplinary history. The agency warns that unlicensed, unregistered people commit much of the investment fraud in the United States. A person who claims to manage investments but does not appear there, or who asks for money to be sent to a personal account, is a red flag.
Families can also call the account’s firm directly, using a number from the firm’s own website rather than one the adviser supplies, to confirm the account exists and the balance matches. The Consumer Financial Protection Bureau keeps fraud and scam guidance on spotting and reporting financial exploitation.
Where victims and families can report
Older victims and their relatives can call the Justice Department’s National Elder Fraud Hotline at 833-FRAUD-11 (833-372-8311), Monday through Friday from 10 a.m. to 6 p.m. Eastern time. The Office for Victims of Crime says callers are assigned a case manager who helps with reporting. Online fraud can also be reported to the FBI’s Internet Crime Complaint Center at ic3.gov.
The costliest mistake is waiting. In this case the scheme ran for almost nine years, and every month without a check of the actual account let more money disappear. Bank records, canceled checks and copies of any statements are the evidence that supports a report and any later restitution claim.
When a trusted adviser turns out to be the scam
The Petrosino case ran for years because the paperwork looked real and the person handling the money was trusted by the family. Once a relative spots a fake statement or a mortgage payment that never reached the servicer, the next hours decide which accounts get frozen, which reports get filed and what evidence survives.
The Senior Fraud Defense & First-Hour Recovery Kit combines the first-hour recovery plan, the free credit-freeze steps and a fraud evidence and report log for recording each transfer, statement and report.
See the first-hour recovery plan in The Senior Fraud Defense & First-Hour Recovery Kit.
This article was created with AI assistance and reviewed for accuracy against Justice Department, Securities and Exchange Commission, Consumer Financial Protection Bureau and Office for Victims of Crime records.
Silas Redmond writes about the structure of modern banking, financial regulations, and the rules that govern money movement. His work examines how institutions, policies, and compliance frameworks affect individuals and businesses alike. At The Daily Overview, Silas aims to help readers better understand the systems operating behind everyday financial decisions. He also covers scams, fraud cases and the audits that expose them.
