CHICAGO — A shocking revelation has emerged from the gritty streets of Joliet as 61-year-old Ronald T. Molo faces federal wire fraud charges for swindling clients out of nearly $800,000.
Molo, a licensed financial advisor with a national firm’s Joliet branch, is accused of six counts of wire fraud, according to an indictment unsealed today in U.S. District Court in Chicago. The arraignment has yet to be scheduled.
The charges were announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois, and Emmerson Buie, Jr., Special Agent-in-Charge of the FBI’s Chicago Field Office. Local authorities including the Joliet Police Department, Illinois Securities Department, and U.S. Securities and Exchange Commission provided valuable assistance in the case. Assistant U.S. Attorney Brian Havey represents the government.
According to the indictment, Molo falsely told clients that their investments would be income-producing and tax-free with regular interest payments. However, he was alleged to have misappropriated their funds for personal expenses such as luxury vehicles, mortgage payments, and cash payments to family members. The scheme resulted in at least three clients losing a total of $778,000.
It’s important to note that an indictment is not evidence of guilt; the defendant is presumed innocent until proven guilty beyond a reasonable doubt. Each count of wire fraud carries a potential sentence of up to 20 years in federal prison.
RELATED: Joliet Advisor Ronald Molo Accused of $800k Fraud Scheme
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Key Facts
- State: Illinois
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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