Joliet Advisor Ronald Molo Accused of $800k Fraud Scheme

CHICAGO — Joliet’s Ronald T. Molo, 61, has been slammed with federal wire fraud charges for allegedly swindling clients out of almost $800,000.

Molo, a licensed financial advisor at a national firm’s Joliet branch, is accused of falsely guaranteeing high-income returns and tax-free investments to his clients from 2018 until earlier this year. Instead, he’s said to have misappropriated their funds for personal luxuries like sports vehicles, mortgages, home improvements, and even lottery tickets.

The U.S. Attorney for the Northern District of Illinois and the FBI Chicago Field Office announced the charges. Local authorities including the Joliet Police Department, Illinois Securities Department, and the U.S. Securities and Exchange Commission supported the investigation. Assistant U.S. Attorney Brian Havey represents the government.

According to the indictment, Molo’s scheme left at least three clients with losses totaling $778,000. He is charged with six counts of wire fraud, each carrying a maximum sentence of up to 20 years in federal prison if convicted.

The defendant is presumed innocent until proven guilty beyond a reasonable doubt in a fair trial. Each count of wire fraud is a serious offense under federal statutes and the advisory U.S. Sentencing Guidelines.