FINRA BrokerCheck shows that investors have contested the sales practices of Ronald Terrence Molo [CRD: 4371241, Joliet, Illinois]. Also, SEC and FINRA sanctioned the securities broker, who worked for Edward Jones from 2001 to 2021. Here’s more about those disclosures.
On November 8, 2023, the United States Securities and Exchange Commission brought a regulatory action against Ronald Molo. Molo was found to have diverted approximately $800,000 from clients, engaging in wire fraud in the process. His actions, spanning from January 2019 to November 2020, involved deceiving clients by creating fake investment opportunities and siphoning funds to his own account. Notably, Molo's guilty plea to wire fraud resulted in a 24-month prison sentence and an order for restitution. For this reason, SEC barred Molo as a securities broker and financial advisor.
Prior to the SEC's intervention, the Financial Industry Regulatory Authority took steps to address Molo's non-compliance. On January 3, 2022, FINRA barred Molo permanently from associating with any FINRA member in any capacity. The penalty was a direct consequence of Molo's failure to respond to FINRA's inquiries and suspension notices issued in September and October 2021.
On August 5, 2021, an investor brought a claim against Ronald Molo. The investor alleged that Molo had transferred their funds to a bank account controlled by Molo's spouse under false pretenses. Edward Jones addressed the investor's claim by agreeing to a settlement of $282,237.50 in damages.
Another investor made a complaint against Molo, mirroring the previous claim. Namely, the client accused Molo of diverting funds to a bank account under his spouse's control, misrepresenting these transfers as legitimate investments. On August 5, 2021, to resolve the issue, Edward Jones compensated the affected client with $329,644.85.
A similar complaint surfaced from an additional investor, alleging that Molo had misappropriated their funds by wiring them to his spouse's account, feigning an investment opportunity. In response, Edward Jones settled the matter on August 5, 2021, by paying the investor $263,119.54 to address the damages.
If your investments suffered due to Ronald Molo's actions, Soreide Law Group securities lawyers are here to help. To discuss your case, reach out to us online or call (888) 760-6552. With a track record of recovering losses for investors nationwide, operating on a contingency fee basis, and fronting all costs, Soreide Law Group stands ready to guide you through your financial recovery. Both Molo and the brokerage firms he worked for refute any allegations of improper sales practices.
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