A former monetary advisor for the Joliet department of Edward Jones was sentenced to 2 years in jail and ordered to pay $710,308 to his former employer after he pleaded responsible to stealing about $800,000 from a number of shoppers.
U.S. Decide Robert Gettleman sentenced Ronald Molo, 63, of Shorewood, on Tuesday after he pleaded responsible on Dec. 1 to 1 rely of wire fraud. 5 different counts of the identical offense had been dropped as a part of a plea settlement.
Molo was indicted on Nov. 11, 2021, following an FBI investigation that had assist from the Joliet Police Division, Illinois Securities Division and the U.S. Securities and Change Fee.
Molo should give up to the U.S. Bureau of Prisons earlier than 2 p.m. on Aug. 15 to serve his sentence.
Molo was described by Assistant U.S. Legal professional Brian Havey in a Could 10 sentencing memorandum as a trusted funding advisor who “blatantly stole” from his three shoppers.
“The victims had been unsophisticated traders, of retirement age, who trusted Molo to securely make investments their retirement funds for his or her profit,” Havey stated.
Molo took benefit of that belief by losing their cash on a “number of private bills” resembling bank card payments, dwelling mortgages, automotive funds, dwelling transforming bills, journey bills, funds to relations and different private bills “unrelated to investments for his shoppers’ profit,” Havey stated.
One of many victims thought of Molo a private buddy and expressed “disbelief at how Molo might have exploited their friendship to steal from him,” Havey stated.
Havey quoted the sufferer’s affect assertion, which stated, “It turns my abdomen to assume that I instilled a lot belief in somebody who knowingly took my spouse’s deceased father’s inheritance with out batting an eye fixed.”
Havey famous that Molo’s former employer, Edward Jones, “admirably” reimbursed the victims for his or her losses. In consequence, he advisable Molo pay $710,308 to the corporate as restitution.
Havey stated Molo is a college-educated, skilled monetary advisor who confirmed no regret for his fraud, lied to an FBI case agent, ignored a federal subpoena for information and took a visit to Florida earlier than surrendering to authorities.
“Molo didn’t commit this crime out of economic want or with out thought and planning. He deliberate to steal from three completely different individuals, and he carried out that crime over an prolonged time period. Even after getting caught, Molo continued mendacity – to his employer, to the FBI, and apparently to the group as effectively,” Havey stated.
Havey stated it’s unlikely Edward Jones will ever be totally repaid as a result of Molo “squandered just about all the cash that he stole from the victims, and he isn’t at present working or exhibiting any regret for his offense.”
Molo’s lawyer, Joshua Adams, stated in a Could 15 sentencing memorandum that Molo ought to obtain two years of probation as an alternative of jail time. Adams argued that Molo should repay Edward Jones, one thing “he can not do in a jail cell.”
Adams acknowledged that Molo betrayed the belief of his shoppers and used the cash for private bills and materials achieve.
“Nonetheless, this can be a distinctive case,” Adams stated.
Adams stated victims are “fortunate that Edward Jones is a big sufficient brokerage that they had been made complete.”