Ex-Edward Jones Advisor Ronald Molo to pay $800K after Fraud Allegations 

Advisor Ronald Molo Allegedly Stole $800K from 3 Clients 

According to a press release posted on October 7, 2022, the U.S. District Court for the Northern District of Illinois reportedly entered a final judgment against Ronald T. Molo, a former financial advisor, who was charged with defrauding three investors and reportedly ordered Molo to pay $815,104 in disgorgement and prejudgment interest. See: The SEC Charges Edward Jones Advisor Ronald T. Molo with Fraud    

The SEC’s complaint alleged that between January 2019 and November 2020, Molo stole a total of approximately $800,000 from three of his clients. Molo allegedly convinced the three investors to transfer money out of their advisory and brokerage accounts to another bank account, purportedly to invest in tax-free bonds, according to the complaint. The complaint alleged that the bonds did not exist, and instead of investing the money, Molo purportedly used it to pay personal expenses.  

The judgment, entered on the basis of default, reportedly permanently enjoins Molo from participating, directly or indirectly, in the issuance, purchase, offer, or sale of any security, in addition to ordering the disgorgement and prejudgment interest.  

According to his FINRA BrokerCheck report, Molo was affiliated with  EDWARD JONES (CRD#:250) in Joliet, IL from 05/15/2001 until 06/23/2021 when he was reportedly terminated. Molo reportedly has five customer complaints on his broker record. Allegations include misappropriation of funds, and unauthorized trades, among others.   

Potential Lawsuits to Recover Investment Losses  

The White Law Group continues to investigate potential claims involving the liability that Molo’s former employers may have for failure to properly supervise him  

Brokerage firms are responsible for ensuring their employees are complying with FINRA rules.  Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.    

The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.   

If you have suffered losses investing with Ronald Molo and Edward Jones, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.   

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, please visit our website, www.whitesecuritieslaw.com.