SEC Obtains Final Judgment Against Edward Jones Advisor
The Securities and Exchange Commission has obtained a final judgment against Ronald T. Molo, a former investment professional at Edward Jones for more than 20 years.
The Securities and Exchange Commission has obtained a final judgment against Ronald T. Molo, a former investment professional at Edward Jones for more than 20 years. He had been previously charged with defrauding three investors and ordered to pay $815,104 in disgorgement and prejudgment interest.
The SEC’s complaint alleged that between January 2019 and November 2020, Molo stole a total of approximately $800,000 from two of his investment advisory clients and one of his brokerage customers, all of whom were senior citizens.
According to the complaint, Molo convinced the three investors to transfer money out of their advisory and brokerage accounts to another bank account, supposedly to invest in tax-free bonds. The complaint alleged that the bonds did not exist, and rather than investing the money, Molo used it to pay personal expenses.
In addition to ordering the disgorgement and prejudgment interest, he is permanently enjoined from participating in the issuance, purchase, offer, or sale of any security.
