November 29, 2021 Comments Off on The SEC Charges Edward Jones Advisor Ronald T. Molo with Fraud   Blog, Current Investigations, Securities Fraud

The SEC Charges Edward Jones Advisor Ronald T. Molo with Fraud  

The SEC Charges Edward Jones Advisor Ronald T. Molo with Fraud , featured by top securities fraud attorneys, the White Law Group

Ronald Molo, ex-Edward Jones Advisor, Reportedly Charged with Stealing $800,000 from 3 Customers 

According to a litigation release on November 24, the Securities and Exchange Commission charged Ronald T. Molo (CRD# 4371241), a financial advisor, with allegedly stealing close to $800,000 from three customers to pay personal expenses. 

Between January 2019 and November 2020, Molo purportedly stole close to $800,000 from three customers. According to the SEC’s complaint, Molo persuaded the three investors to transfer money out of their advisory and brokerage accounts to another bank account, allegedly to invest in tax-free bonds.  

Instead of investing the money, Molo purportedly “used it to pay personal expenses, including mortgage payments, automobile purchases, and renovations to his home,” according to the SEC. 

Molo allegedly tried to hide his fraud by sending the three investors purported interest payments from the nonexistent bonds, reportedly using altered cashier’s checks drawn from funds in his personal bank account. 

The SEC’s complaint reportedly seeks injunctive relief, disgorgement, prejudgment interest, and civil penalties. The U.S. Attorney’s Office for the Northern District of Illinois filed criminal charges against Molo on November 23, 2021 in a parallel action.  

According to his FINRA BrokerCheck report, Molo was affiliated with  EDWARD JONES (CRD#:250) in Joliet, IL from 05/15/2001 until 06/23/202.  He was reportedly terminated after the above allegations. Molo has five customer complaints on his broker record. Allegations include misappropriation of funds, and unauthorized trades, among others.  

Recovery of Investment Losses 

The White Law Group is investigating the liability that Molo’s former employer may have for failure to monitor his activities. 

Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.  

When brokers abuse client accounts and conduct transactions that violate securities laws, such as unauthorized or excessive trading, the brokerage firm they are working with may be liable for investment losses. 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, 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. 

 

Comments are closed.