Joliet Broker Who Stole $800K 'Has Shown No Remorse For His Conduct'
JOLIET, IL — Ronald Molo should be sentenced to the federal penitentiary because the now-fired Edward Jones Investments broker in Joliet stole $800,000 from three elderly clients between 2018 and 2021, according to the U.S. Attorney’s Office in Chicago.
A resident of Shorewood, Molo pleaded guilty on Dec. 1 to the federal crime of wire fraud. His five other charges will be dismissed at his sentencing on April 13 before U.S. District Judge Robert Gettleman.
On Wednesday, Acting U.S. Attorney Morris “Sonny” Pasqual and Assistant U.S. Attorney Brian Havey advised the judge that “despite his acknowledgment of guilt in court, Molo apparently is expressing little remorse or guilt outside of court.”
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The two high-ranking U.S. Attorneys in Chicago submitted several portions of victim impact statements from Molo’s victims to bolster their argument.
“Over this past year, Mr. Molo has shown no remorse for his conduct,” one victim wrote. “He continually denies his participation and his implementation of this fraud. He tells people that he was wrongly terminated by Edward Jones … While he is someone who has no previous record, this is someone who should not be given a light sentence … Mr. Molo invited my family into his home and we invited him into ours. If Mr. Molo can do this to someone who he was friends with for 14 years, it is unimaginable what he can do to someone who he does not have a relationship with.
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“More importantly, it is more than money that Mr. Molo has taken from my family and I. He has taken our trust and has caused unnecessary stress and grief.”
The U.S. Attorney’s Office noted that the advisory sentencing guideline range for Molo’s wire fraud crime is 41 to 51 months of federal prison time.
“Molo is a college-educated, experienced financial advisor, having worked for a reputable investment firm, Edward Jones, for about twenty years,” federal prosecutors outlined. “Prior to his criminal offense, Molo was registered with the Financial Industry Regulatory Authority as a broker and investment adviser, though he since has been barred.
“Now 63 years old, Molo was in his late 50s/early 60s at the time of the offense. It is not obvious why Molo began stealing from clients this late in his career. This should have been a time when Molo was enjoying his peak earning potential. For an experienced, licensed white-collar professional such as Molo, there was no reason to steal from clients.”
According to another victim impact statement, “Ron is not the type of person who has empathy for others. He didn’t care that he took advantage of seniors or treated his employees unfairly. Ron cared about one thing: spending money … Ron loved to brag about all those things he was buying. I think he thought he was impressing people. He tried to literally ‘keep up with the Joneses’, trying to compete with other successful advisors in our area. Which, if I had to guess, is what led him to steal money in the first place.”
Besides asking the judge to impose a sentence that falls within the sentencing guidelines range of 41 to 51 months imprisonment; federal prosecutors are seeking a three-year term of supervised release upon Molo’s release from federal prison and an order of restitution.
“The sentence imposed by the Court also should include an order of restitution, requiring Molo to pay restitution to Edward Jones, which, admirably, has reimbursed each of the individual victims for their losses,” prosecutors noted. “The government has calculated a net restitution balance of $710,308, which Molo should be ordered to pay to Edward Jones.”
At Edward Jones in Joliet, Molo made a salary of more than $100,000, according to federal prosecutors. Molo resides in Shorewood’s Lake Forrest Estates off Mound Road. A photo of his house at the corner of Redwood Lane and Majestic Pine Street is at the top of this article.
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In November 2021, Joliet Patch’s editor met him at his front door, and he declined to comment. Molo was indicted on six federal crimes on Nov. 15 2021.
“Molo’s earnings helped provide for a comfortable home in the suburbs, where he currently resides with his wife, and other aspects of a normal life, such as traveling,” prosecutors wrote. “Molo did not need to steal money to support himself or his family. His children are adults who do not appear to be dependent on Molo for financial support. In short, there is no remotely defensible motive for Molo’s financial crime.”
As the judge considers sentencing, prosecutors stressed that Molo’s efforts at providing restitution back to Edward Jones, his former Joliet employer, don’t appear promising.
“Only after Molo was indicted did he begin the process of acknowledging his wrongdoing, self-surrendering in Florida after being advised that a bench warrant had been issued for his arrest, and later entering a guilty plea,” Pasqual and Havey wrote. “He remains unemployed, with no stated or realistic plan for paying restitution. Aside from the financial losses resulting directly from Molo’s theft of client funds, his crime has left a lasting impact on the office where he worked for many years and on the employees who worked for him.”
Related Joliet Patch coverage from 2021:
Here’s How A Joliet Financial Investor Stole $800,000: SEC
Joliet Financial Adviser Swindled $800K From 3 Clients: Lausch
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