An investment firm owner who admitted that he defrauded dozens of investors out of more than $6 million was sentenced Tuesday to 12 years and seven months in prison, authorities announced Thursday.

Vincent Dispoto Jr., 68, formerly of Belmar, pleaded guilty earlier this year to one count of wire fraud, according to a statement from the U.S. Attorney’s Office District of New Jersey.

Dispoto owned and operated Giddeon Financial Services, the office said.

Beginning in 1988, he raised money through the company 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.

The investments often involved municipal bonds and certificates of deposits, investigators said. Dispoto also told some victi

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