BELMAR – Police said that a decades-long scheme defrauded at least 30 investors of more than $5 million in total.
Vincent Dispoto Jr., 66, of Belmar, was charged with wire fraud. Dispoto owned Giddeon Financial Services, an investment company, and Liberty Mortgage Services.
He allegedly told victims that he would invest their money in a variety of methods. He mailed victims false financial statements that showed returns on their investments.
Instead, he used their money to make “Ponzi-like payments” to other victims, which he claimed were the returns on the investments. He instead used their money for personal uses, such as gambling, police said.
The total in losses, going as far back as 1988, is more than $5 million, police said.
The wire fraud charge carries a maximum penalty of 20 years in prison and a $250,000 fine, or twice the gross amount of gain or loss from the offense, whichever is greatest.
Charges are merely accusations until proven in a court of law.
