On November 23, 2021, the U.S. Attorney for the Northern District of Illinois, charged broker/financial advisor, Ronald Molo, 61, with federal fraud charges alleging Molo misappropriated nearly $800,000 from several clients according to the sec.gov website. Molo was indicted on six counts of wire fraud.

According to FINRA’s BrokerCheck, Ronald Terrence Molo (Ronald Molo CRD#: 4371241 ) was previously registered both as a broker and as an investment advisor.  He was with EDWARD JONES of JOLIET, IL. from May 2001 until July 2021.  On July 15, 2021, Molo, was discharged from Edward Jones following the allegations,Registered representative was terminated after clients transferred funds to an external account believed to be related to the registered representative. The transfers were subsequent to the registered representative soliciting a purported investment.”

According to the indictment, Ronald Molo from 2018 until early 2021, falsely represented to clients that their investments would be income-producing and tax-free, and that they would receive regular, interest payments. However, according to the federal authorities, Molo allegedly misappropriated the clients’ funds to pay for his own personal expenses, including Cadillac XT5, GMC Yukon sport-utility vehicle, mortgage payments for both himself and family members, home remodeling costs, lottery tickets, travel and shopping expenses, and cash payments to family members, according to a recent article on patch.com.

According to the federal indictment, Molo, allegedly caused three clients to lose approximately $778,000.  Each of the six counts of wire fraud is punishable by up to 20 years in federal prison.

Ronald Molo has 7 disclosures on his FINRA CRD report, of those 7 disclosures 5 are Customer Disputes.  There are 3 disputes filed in June of 2021, all alleging,Client alleges former FA stole funds from them by wiring client funds to a bank account controlled by former FA’s spouse under the guise that they were making an investment.”  Those three disputes settled for, $282,237.50, $329,644.85, and $263,119.54.

If you’ve suffered losses due to the actions or recommendations of the former EDWARD JONES of JOLIET, IL, broker/financial advisor, Ronald Molo, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:888-760-6552.

Soreide Law Group works on a contingency fee basis, no fee to you if no recovery, and represents clients nationwide before FINRA.