SEC Bars Ex-Edward Jones Rep Who Defrauded Clients Out of $800K
The Securities and Exchange Commission barred an ex-Edward Jones broker indicted in 2021 for defrauding clients out of about $800,000, according to an administrative proceeding document filed by the SEC on Wednesday.
Ronald T. Molo allegedly spent some of the money he took from victims to pay for “at least two vehicles,” credit card balances, lottery tickets and home mortgages for himself and his in-laws, according to the Justice Department indictment of Nov. 15, 2021.
In May, Molo was sentenced to two years in prison, according to court documents.
On Sept. 27, 2022, a final judgment was entered against Molo in U.S. District Court for the Northern District of Illinois. He was also ordered to pay $815,104 in disgorgement and prejudgment interest.
The SEC “deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted” against Molo, the regulator said in the document, posted on its website Wednesday.
“In anticipation of the institution of these proceedings,” Molo submitted an offer of settlement that the SEC accepted, it said.
