12 Years In Prison For Jersey Shore Investment Advisor Who Ran $6 Million Fraud

BELMAR, NJ — A Belmar man was sentenced Tuesday to 151 months in prison (just over 12 years) for running a decades-long scheme that defrauded more than 60 victims, many of them elderly, acting U.S. Attorney Alina Habba announced.

Vincent Dispoto Jr., 68, formerly of Belmar, previously pleaded guilty to one count of wire fraud. The sentenced was imposed this week in Trenton federal court.

In total, federal prosecutors say he stole more than $6 million from people who invested with him. Many of the people Dispoto convinced to invest with him were elderly.

Dispoto owned and operated Giddeon Financial Services. Beginning in or around 1988, Dispoto told his clients he would invest their money in low-risk investment products with guaranteed rates of return, including municipal bonds and certificates of deposits. Dispoto also told some victims he was using their investments to fund loans and mortgages for medical professionals, which would generate long-term returns through interest payments.

Dispoto mailed victims fake financial statements that purported to show significant increases in the value of their investments.

In reality, Dispoto did not invest the victims’ money as promised, said federal prosecutors. Instead, he used it to make Ponzi-like payments to other victims, which he falsely claimed to be “returns” on investments. He also used his clients' money to fund his gambling and other personal expenses.

In addition to the prison term, Judge Quraishi sentenced Dispoto to three years of supervised release and he must pay $6,083,419.84 to his victims.