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Ronald Molo Named in SEC Complaint Following Conversion Allegations

Feb 16, 2022 Elder Financial Abuse

Ronald Molo (CRD #:4371241), a broker formerly registered with Edward Jones, was named in SEC Complaint, according to his BrokerCheck Record accessed on January 20, 2022. 

SEC Allegations

On November 23, 2021, Ronald Molo was named in an SEC Complaint after allegedly stealing a total of $800,000 from elderly clients by convincing them to transfer money out of their financial institution accounts for the purported investment in tax-free bonds. According to the SEC, the bonds did not exist and Ronald 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 Ronald Molo had promised, he misused at least $778,000 of the investors' money for his personal use. He 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 his own personal account. 

Prior Regulatory Disclosures

Conversion Allegations

On October 21, 2021, Ronald Molo was named in a complaint initiated by the State of Illinois following allegations related to the misappropriation of approximately $800,000.00 of client funds and fictitious investments.

FINRA Bar

Ronald Molo was barred from association with any FINRA member in all capacities on January 3, 2022. This is after he failed to request termination of his suspension within three months of the date of the Notice of Suspension.

Investor Disputes

In 2021, Ronald Molo was involved in three investor disputes. According to the allegations, he allegedly stole funds from them by wiring client funds to a bank account controlled by his spouse under the guise that they were making an investment. The disputes were collectively settled for $ 875,001.89.

FINRA Rule 2150 prohibits brokers and brokerage firms from misusing customers' funds or securities. He also allegedly violated FINRA Rule 2010, which requires associated persons to "observe high standards of commercial honor and just and equitable principles of trade" in the conduct of their business.

Employment Termination 

On June 15, 2021, Ronald Molo was discharged from his position at Edward Jones following allegations that he wired client funds to an external account believed to be related to him.

Background Information

Ronald Molo has passed the following exams:

  • Series 66 - Uniform Combined State Law Examination
  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination

Other than Edward Jones, Ronald Molo has not worked with any other firm.  

Kurta Law Can Help 

If you have been victimized by Ronald Molo as a broker, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.