Belmar Investment Firm Owner Sentenced to Over 12 Years for $6 Million Fraud Scheme

Vincent Dispoto Jr. defrauded more than 60 investors—many elderly—over a 30-year period, using client funds for personal expenses and Ponzi-style payouts.

A former Belmar resident and investment firm owner has been sentenced to 151 months in federal prison for defrauding more than 60 investors out of over $6 million in a decades-long scheme that targeted elderly individuals and others seeking low-risk investments.

Vincent Dispoto Jr., 68, previously pleaded guilty to one count of wire fraud before U.S. District Judge Zahid N. Quraishi, who handed down the sentence on August 26, 2025, in federal court in Trenton. In addition to the prison term, Dispoto was sentenced to three years of supervised release and ordered to pay $6,083,419.84 in restitution. A separate forfeiture money judgment of $6,990,635.62 was also entered against him.

According to court documents and statements made in court, Dispoto operated Giddeon Financial Services, which he presented as a legitimate investment firm. From at least 1988, he falsely assured clients—many of them elderly—that their funds would be invested in secure products such as municipal bonds, certificates of deposit, or loans to medical professionals.

Instead of executing these promised investments, Dispoto used the funds to support a Ponzi-like scheme. He used new investor money to pay purported "returns" to earlier investors, and misappropriated funds for gambling and personal expenses. To maintain the appearance of legitimate gains, Dispoto sent victims falsified financial statements reflecting fabricated investment growth.

The fraudulent scheme ultimately led to financial losses exceeding $6 million.

The investigation was conducted by special agents of the FBI’s Newark Division under the direction of Special Agent in Charge Stefanie Roddy. The case was prosecuted by Assistant U.S. Attorney Jennifer Kozar of the Economic Crimes Unit at the U.S. Attorney’s Office in Newark.

Acting U.S. Attorney and Special Attorney Alina Habba announced the sentencing and credited the FBI for its role in bringing the long-running scheme to justice.

No further information was provided about restitution payment plans or whether any of the misappropriated funds have been recovered.