By: Richard L. Smith
A Belmar, NJ man has pleaded guilty to running an elaborate investment fraud scheme that spanned decades and defrauded dozens of victims—many of them elderly—out of nearly $7 million, according to information released by the U.S. Department of Justice.
Vincent Dispoto Jr., 67, entered his guilty plea before U.S. District Judge Zahid N. Quraishi, admitting to one count of wire fraud related to a long-running financial scam. 
The charge stems from a scheme that dates back as far as 1988, federal prosecutors said.
According to court documents and statements made during the proceedings, Dispoto operated under the guise of financial and mortgage service firms—Giddeon Financial Services and Liberty Mortgage Services.
Through these entities and others, he convinced approximately 47 individuals to invest their money in what he described as low-risk, high-yield financial products.
These included municipal bonds, certificates of deposit, and purported loans to medical professionals that would allegedly generate long-term returns through interest payments.
However, officials said none of the promised investments were actually made. Instead, Dispoto used new investor funds to pay earlier participants in a classic Ponzi-style arrangement—misleading victims into believing their investments were growing.
In addition, authorities revealed that Dispoto sent out fake financial statements to show fabricated profits while siphoning investor funds for personal use, including gambling and other expenses.
According to the information released by the U.S. Department of Justice, the total losses to victims amounted to approximately $6.99 million.
Dispoto now faces a maximum sentence of 20 years in federal prison and a fine of up to $250,000 or twice the financial gain or loss caused by the offense—whichever is greater. His sentencing is scheduled for August 26, 2025.
The case serves as a stark reminder of the dangers of long-term financial fraud, particularly targeting vulnerable individuals under the promise of secure investments.