Evergreen Reporter

A New Jersey man has admitted to defrauding approximately 47 investors over more than three decades, according to a statement from U.S. Attorney Alina Habba. Vincent Dispoto Jr., 67, once of Belmar, New Jersey, acknowledged his role in a scheme that led to the loss of over $6.9 million. He pleaded guilty to one count of wire fraud in front of U.S. District Judge Zahid N. Quraishi.

Court documents and statements reveal that Dispoto ran Giddeon Financial Services, an alleged investment firm, and Liberty Mortgage Services, purported to be a mortgage company. Since 1988, he purportedly raised funds from investors, primarily the elderly, under false pretenses. He claimed the investments were directed towards low-risk products and loans for medical professionals, promising long-term returns. Dispoto allegedly sent false financial statements to his victims to create the illusion of increased investment value.

Contrary to his claims, Dispoto did not invest the funds as promised. He is said to have used the funds to execute Ponzi-like payments to other victims, misleading them to believe they were earning returns. Dispoto also reportedly used the money for gambling and personal expenses, culminating in approximately $6,990,635.62 in investor losses.

The charge of wire fraud comes with a potential maximum sentence of 20 years imprisonment and a $250,000 fine or twice the amount gained or lost through the offense. Dispoto's sentencing is set for August 26, 2025.

Investigations were credited to the special agents of the FBI, led by Acting Special Agent in Charge Terence G. Reilly. The case is prosecuted by Assistant U.S. Attorney Jennifer Kozar from the Economic Crimes Unit in Newark.

Dispoto's defense is handled by Areeb Salim and John Yauch, Assistant Federal Public Defenders in Newark.