Joliet Financial Adviser Swindled $800K From 3 Clients: Lausch

JOLIET, IL — John Lausch, the U.S. Attorney for the Northern District of Illinois, on Tuesday announced federal charges against a financial adviser from his hometown of Joliet. Ronald Molo, 61, has been indicted on federal fraud charges because Molo swindled several clients out of nearly $800,000, according to Lausch’s staff.

Molo was indicted on six counts of wire fraud. According to Tuesday’s news release, “Valuable assistance was provided by the Joliet Police Department, Illinois Securities Department, and the U.S. Securities and Exchange Commission.”

According to the indictment, Molo worked as a licensed financial adviser in the Joliet branch of a national financial services firm. From 2018 until earlier this year, Molo falsely represented to clients that their investments with him would be income-producing and tax-free, and that they would receive regular, periodic interest payments, federal authorities say.

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Instead, Molo misappropriated their money to pay for personal expenses, including Cadillac XT5 and GMC Yukon sport-utility vehicles, mortgage payments for himself and family members, home remodeling and construction costs, lottery tickets, travel and shopping expenses, and cash payments to family members, the indictment states.

As a result of the scheme, Molo caused at least three clients to suffer losses totaling $778,000, Lausch’s indictment outlined.

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In July, the Israels & Neuman Law Firm announced in a blog post that it was investigating Ronald Molo of the Edward Jones branch at 3225 Fiday Road in Joliet. The blog post announced that Molo has been with Edward Jones from 2001 until this past June.

“We are looking into allegations made against Ronald Molo, who has been the subject of two customer complaints, and he was also recently terminated by Edward Jones,” the securities and investment fraud law firm announced. “Edward Jones alleged that Molo transferred client funds to an external account that is believed to be related to Molo.”

Each count of wire fraud is punishable by up to 20 years in federal prison. If convicted, the court must impose a reasonable sentence under federal statutes and the advisory U.S. Sentencing Guidelines, prosecutors noted.

Molo is a Shorewood resident.

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Read More:Joliet Financial Adviser Swindled $800K From 3 Clients: Lausch

2021-11-23 23:00:19

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