Feds: New Jersey Man Promised to Invest Money; Instead He Drained Elderly Victim’s Accounts
Antonio Petrosino has been charged with wire fraud and money laundering in a case where he allegedly stole $888,000 from an elderly victim.
Petrosino allegedly worked as a field representative at a wealth management and financial planning services company from 2012 to 2017 and later as a broker for the company, according to the criminal complaint.
Petrosino faces 30 years in prison if convicted.
Introduced by a Relative
The elderly investor was introduced to Petrosino by a relative in 2014, according to the criminal complaint. The investor had recently sold a home in North Bergen, N.J., and wanted to invest the sale proceeds. Petrosino began to provide investor advisory services.
March 19, 2015, the investor gave Petrosino a $200,000 check from a bank account in the names of the investor and the investor’s family member, according to the criminal complaint. The check was meant to fund an annuity the investor had purchased from the wealth management company Petrosino worked for.
A Developing ‘Friendship’
Petrosino and the investor’s professional relationship allegedly developed into a friendship. They would reportedly go on casino gambling trips together. Petrosino would also help with repairs at the investor’s home and prepare her taxes.
In 2018, Petrosino allegedly suggested that the investor transfer additional funds to him to invest in CDs and brokerage accounts, according to the criminal complaint. The investor reportedly agreed and began transferring the funds to Petrosino in the same year.
On Feb. 28, 2019, the investor reportedly sold her home and invested $50,000 of the proceeds with Petrosino, according to the criminal complaint. The investor also allegedly continued to send Petrosino other funds totaling $582,000 to invest on her behalf.
Allegedly Rebuffed Inquiries About Financial Statements
When the investor inquired about financial statements, Petrosino allegedly told her that the investment banks would charge her $20 per statement because they wanted to keep everything electronic, according to the criminal complaint. When Petrosino occasionally provided a financial statement, the paperwork was reportedly falsified to show “rollover interest.”
Petrosino even allegedly gave the investor cash payments of $4,000-$8,000 every spring, totaling about $100,000, claiming it to be rollover interest from the previous year’s investments, according to the criminal complaint.
Used ‘Investment Funds’ For Personal Expenses
However, the funds the investor gave Petrosino were reportedly not used for investments, according to the criminal complaint. Petrosino allegedly used the money for credit card payments, rent payments for his luxury apartment, and other personal expenses, such as gambling.
Petrosino also allegedly liquidated the annuity the investor purchased on April 12, 2020, receiving $162,000 in the investor’s bank account, according to the criminal complaint. Then, Petrosino reportedly transferred $152,000 of the money from the investor’s account to his personal account.
The investor reportedly never communicated with the online investment bank nor accessed her account directly, so when Petrosino allegedly told her that she owed $40,000 in taxes after selling her home in 2019, she believed him, according to the criminal complaint.
In March 2024, the investor discovered Petrosino’s alleged scheme after a check she made out to charity failed to process due to insufficient funds. Petrosino’s reported scheme resulted in a loss of $888,000.
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