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Illinois broker licensed by Edward jones this summer faces criminal charges accusing him of robbing customers with hundreds of thousands of dollars.

Ronald Molo, of Shorewood, Illinois, began his career in the financial services industry in 2001 with Edward Jones and remained with the company until June of that year when he relieved him of allegations that ” clients have reportedly transferred funds to an external account suspected of being linked to Molo “for” an alleged investment “requested by him, according to BrokerCheck.

Prosecutors now allege that from 2018 until early this year, Molo falsely promised his clients that he would invest their money in tax-free, income-generating investments that would provide them with periodic interest payments, according to a deed. charge unsealed Tuesday in the US District. Court in Chicago.

However, Molo allegedly embezzled customer funds to cover personal expenses, including SUVs, mortgage payments for himself and his family members, home renovations, travel, lottery tickets, and cash payments. to the family, according to the indictment cited by the U.S. Attorney’s Office for the Northern District of Illinois.

In total, Molo would have caused at least three customers a total of $ 778,000 in losses, according to the indictment.

Molo faces six counts of wire fraud, each carrying a maximum prison sentence of 20 years. Molo’s arraignment has yet to be scheduled, according to the US attorney’s office.

In September, Molo did not respond to the Financial sector regulatory authorityrequest for information on the Edward Jones dump, for which the industry self-regulator suspended him from the industry, according to his BrokerCheck file. Molo will be automatically kicked out on January 3, 2022, if he does not request an end of his suspension before that date, Finra said.

Editor’s Note: Story updated at 10:50 a.m. EST:

“After identifying Ron Molo’s misconduct, Edward Jones promptly terminated his employment and notified the appropriate authorities. We have fully supported and continue to cooperate with the law enforcement investigation that led to the indictment against Molo. The few Edward Jones clients affected by Molo’s misconduct have all been healed and remain clients of our company, ”a company spokesperson told FA-IQ.

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