Erez Law is currently investigating former Edward Jones broker Ronald Molo (CRD# 4371241) regarding unauthorized trades. Ronald Molo was registered with Edward Jones in Joliet, Illinois from 2001 to 2021, when he was terminated regarding, “Registered representative was terminated after clients transferred funds to an external account believed to be related to the registered representative. The transfers were subsequent to the registered representative soliciting a purported investment.”
In November 2021, the Securities and Exchange Commission (SEC) opened an investigation against Ronald Molo allegeing that, “without investors’ knowledge or authorization, he stole a total of $800,000 from investors, who are senior citizens, by convincing them to transfer money out of their financial institution accounts for the purported investment in tax-free bonds. In fact, the bonds did not exist. Molo did not tell the investors that he owned the account to which he directed them to transfer their money. Instead of investing the money as Molo had promised, he misused at least $778,000 of the investors’ money for his own personal use. Molo also tried to cover up his fraud by sending approximately $22,000 of the investors’ money back to the investors for supposed interest payments from the nonexistent bonds, using altered cashier’s checks from his bank, funded with money drawn from Molo’s own personal account. When the financial institution discovered Molo’s fraud, it fired him.”
In October 2021, the state of Illinois opened an investigation regarding, “Allegations relate to misappropriation of ~$800,000.00 of client funds and fictitious investments.”
In October 2021, FINRA suspended Ronald Molo indefinitely after he failed to respond to FINRA requests for information.
Ronald Molo Faced Multiple Customer Complaints
Ronald Molo has been the subject of five customer complaints between 2012 and 2021, according to his CRD report, one of which was closed without action:
June 2021. “Client alleges former FA stole funds from them by wiring client funds to a bank account controlled by former FA’s spouse under the guise that they were making an investment.” The complaint was settled for $263,119.54.
June 2021. “Client alleges former FA stole funds from them by wiring client funds to a bank account controlled by former FA’s spouse under the guise that they were making an investment.” The complaint was settled for $329,644.85.
June 2021. “Client alleges former FA stole funds from them by wiring client funds to a bank account controlled by former FA’s spouse under the guise that they were making an investment.” The complaint was settled for $282,237.50.
November 2019. “The client alleges that the financial advisor made unauthorized trades. The client further alleges that the advisor failed to advise him that early payment of his Brighthouse VUL policy could result in it being converted to a Modified Endowment Contact and failed to provide him information that the policy had so converted.” The complaint was settled for $16,000. The complaint was regarding insurance losses.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Edward Jones may be liable for investment or other losses suffered by Ronald Molo’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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