A New Jersey man who duped elderly clients over three decades was sentenced on August 26, 2025, to 151 months in prison for orchestrating a “Ponzi-like” investment scheme that cheated more than 60 victim investors out of more than $6 million.
Vincent Dispoto Jr., 68, formerly of Belmar, New Jersey, previously pleaded guilty before U.S. District Judge Zahid N. Quraishi to an information charging him with one count of wire fraud. Judge Quraishi imposed the sentence in Trenton federal court.
According to former U.S. Attorney Philip R. Sellinger, who announced the initial charges against Dispoto on Friday, March 8, 2024, the defendant owned and operated Giddeon Financial Services, a purported investment services firm.
Beginning in or around 1988, Dispoto raised money through Giddeon Financial Services and other entities by falsely claiming to victims, many of whom were elderly, that 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 that he was using their investments to fund loans and mortgages for medical professionals, which would generate long-term returns through interest payments.
To perpetuate his fraud, Dispoto mailed victims false and fraudulent 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. Instead, he used it to make Ponzi-like payments to other victims, which he falsely claimed to be “returns” on investments.
He also misappropriated victim money to fund his gambling and other personal expenses. Dispoto’s scheme collectively resulted in more than approximately $6 million in losses to victims.
Quraishi could have sentenced Dispoto to a maximum penalty of 20 years in prison and a $12 million fine.
In addition to the 12½-year term in federal prison, Quraishi sentenced Dispoto to three years of supervised release and ordered restitution of $6,083,419.84 to the victims of Dispoto’s offense. Judge Quraishi separately entered a forfeiture money judgment of $6,990,635.62.