A 67-year-old Belmar man, Vincent Dispoto Jr., has pleaded guilty to operating a massive investment fraud scheme that spanned over three decades, defrauding nearly 50 victims out of close to $7 million, U.S. Attorney Alina Habba announced.
Appearing before U.S. District Judge Zahid N. Quraishi, Dispoto admitted to one count of wire fraud linked to his deceptive financial operations under Giddeon Financial Services and Liberty Mortgage Services.
According to court records, Dispoto targeted mostly elderly victims, falsely promising safe, high-return investments in municipal bonds, certificates of deposit, and mortgage loans. In reality, he never invested the funds but used them to pay off earlier victims and fund personal expenses, including gambling.
To prolong the scheme, Dispoto issued fake financial statements showing false profits, maintaining the illusion that the investments were performing well.
In total, the scheme caused approximately $6,990,635.62 in losses to 47 victims.
Dispoto faces up to 20 years in prison and a fine of $250,000, or twice the gross gain or loss resulting from the offense. Sentencing is set for August 26, 2025.
The case was investigated by FBI special agents, led by Acting Special Agent in Charge Terence G. Reilly, and is being prosecuted by Assistant U.S. Attorney Jennifer Kozar of the Economic Crimes Unit in Newark.