By: Richard L. Smith
A New Jersey man who ran a decades-long investment scam that defrauded more than 60 people of over $6 million has been sentenced to more than 12 years in federal prison, according to a statement released by the U.S. Department of Justice.
Vincent Dispoto Jr., 68, formerly of Belmar, was sentenced on August 26, 2025, to 151 months in prison after pleading guilty earlier this year to wire fraud.
U.S. District Judge Zahid N. Quraishi handed down the sentence in Trenton federal court.
Prosecutors said Dispoto operated Giddeon Financial Services, a fake investment company he used to solicit money starting in the late 1980s.
He convinced many elderly victims that he would place their funds into safe investments like municipal bonds or CDs, and later claimed he was financing loans for medical professionals.
To maintain the fraud, Dispoto mailed out fake financial statements showing steady returns.
Instead, he used victim money to make Ponzi-style payouts, while siphoning off funds for gambling and personal expenses.
In addition to his prison term, Dispoto was ordered to pay over $6 million in restitution, serve three years of supervised release, and forfeit nearly $7 million.