Belmar Investment Firm Owner Admits to $6.9 Million Fraud Scheme Spanning Over 30 Years

Vincent Dispoto Jr. pleaded guilty to wire fraud after defrauding nearly 50 investors, many elderly, through false investment promises and Ponzi-style payouts

NEWARK — Vincent Dispoto Jr., 67, formerly of Belmar, New Jersey, has admitted to orchestrating a decades-long investment fraud scheme that caused nearly $7 million in losses to approximately 47 victims, U.S. Attorney Alina Habba announced.

Dispoto pleaded guilty before U.S. District Judge Zahid N. Quraishi to a single count of wire fraud, acknowledging that he deceived investors from as far back as 1988 through false representations about low-risk investment opportunities. Sentencing is scheduled for August 26, 2025.

According to court documents and statements made in court, Dispoto operated Giddeon Financial Services and Liberty Mortgage Services, through which he solicited funds by claiming to invest in secure financial products such as municipal bonds and certificates of deposit. He also promoted fictitious loan programs for medical professionals that he said would generate long-term returns through interest.

Instead of investing the funds as promised, Dispoto misused the money to make payments to earlier investors—falsely presented as legitimate investment returns—and to finance personal expenses, including gambling. To sustain the scheme and mislead his victims, many of whom were elderly, Dispoto provided falsified financial statements showing inflated account values and non-existent gains.

The fraudulent conduct resulted in total losses of more than $6.9 million.

The wire fraud charge carries a maximum sentence of 20 years in prison and a fine of up to $250,000 or twice the financial gain or loss from the offense, whichever is greater.

The FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark, conducted the investigation. The case is being prosecuted by Assistant U.S. Attorney Jennifer Kozar of the U.S. Attorney’s Office Economic Crimes Unit in Newark.