https://www.nj.com/hudson/2025/07/nj-man-took-over-1m-from-investors-and-spent-it-on-rent-credit-cards-and-gambling-feds-say.html

Federal officials have accused a Hudson County man of taking over $1 million from investors and then spending the money on his personal expenses, officials with the U.S. Attorney’s Office said.

Antonio “Anthony” Petrosino, 60, of Union City was indicted on June 18 by a federal grand jury of five counts of wire fraud and one count of money laundering, according to officials.

Between January 2016 and November 2024, Petrosino is accused of fraudulently convincing investors to transfer money to him for investments, mortgage payments and other actions, officials said.

Petrosino represented himself as a financial services professional and told people he would invest their money in brokerage accounts and other investments for their benefit, officials said.

Instead of investing the money, authorities said Petrosino used the money for gambling, credit card payments and rent for his luxury apartment.

In one case between March 2018 and November, 2023, Petrosino convinced one person to transfer about $916,000 to him that he promised to invest, according to charging documents.

Instead, Petrosino diverted the majority of those funds to cover his personal expenses, charging documents show.

Petrosino provided the same elderly person with falsified investment statements claiming to have hundreds of thousands of dollars in various investment accounts in her name, officials said.

Petrosino also convinced the same woman to send him $40,000 checks he claimed she owed in taxes, but instead deposited the money into his personal accounts, according to court documents.

When confronted by others about the status of the money they sent him to invest, Petrosino provided false reassurances about the status of their money, officials said.

Petrosino was arraigned in federal court on July 9, according to officials.

An attorney for Petrosino did not immediately return a request for comment.