Joliet's Broker Who Stole $800K From Clients Learns Prison Term

SHOREWOOD, IL — A long-time federal judge in Chicago, U.S. District Judge Robert Gettleman, imposed a sentence on the lighter side for Joliet's fired Edward Jones financial broker Ronald Molo, who stole about $800,000 from three of his elderly clients.

Joliet Patch reported back in March that federal prosecutors were seeking a prison sentence for Molo in the range of 41 months to 51 months for Molo's wire fraud crime. This week, Gettleman imposed a sentence of two years, and gave Molo until 2 p.m. Aug. 15 to surrender himself to the United States Marshals to begin serving his sentence in Wisconsin at the Bureau of Prisons.

A spokeswoman for Edward Jones Investments issued a statement Friday.

"We have fully supported and cooperated with the law enforcement investigation that led to the indictment of Ron Molo and, ultimately, his sentencing this week. Upon identifying his misconduct, Edward Jones promptly terminated his employment and notified the proper authorities. The few Edward Jones clients impacted by Molo's misconduct were made whole by our firm and remain clients today."

In his early 60s, Molo lives in one of Shorewood's most luxurious neighborhoods, Lake Forrest Estates, and his house is on South Majestic Pine.

According to court records, the sentencing judge reviewed letters in support of Molo from his wife Catherine, as well as Molo's two adult sons and a female cousin.

"Ron and I met 41 years ago, and we will celebrate 38 years of marriage this September. I was attracted to his kindness, self-confidence and dedication to family," Catherine Molo wrote the judge. "We have had a great, loving marriage. Ron and I have always shared responsibilities whether it be raising our children, cleaning the house or hosting the holidays for our families.

"Together we are a team and he is my rock."

Catherine Molo also wrote that in the beginning of her husband's career, he was asked to Head the Building committee for Holy Family’s new church. Ronald Molo also went on to form the first Rotary Club for Shorewood.

"As a family, we volunteered with Edward Jones, the Rotary Club of Shorewood and several other community organizations in numerous capacities. I know Ron is remorseful as we have had many conversations over the past 18 months. It is inconceivable that Ron would even think of committing these transgressions. We loved being committed to the Edward Jones family and have both volunteered in many capacities at Edward Jones functions."

The criminal's son, Matthew Molo of Chicago, informed the sentencing judge in his letter that he works as a senior software engineer at an aerospace company.

"Ronald Molo, my father, has been essential in shaping this person I've become," Matthew Molo wrote. "I've always recognized my dad as an honest, family-oriented, and caring man. As a parent, he has persistently encouraged me to embrace new experiences, be it joining the robotics team or the Boy Scouts. I have always trusted his advice, such as taking the more challenging class or job and assuming leadership roles to challenge myself, and these decisions have played a significant role in shaping the person I am today."

The senior software engineer informed Judge Gettleman that "I relocated to the Chicago area last November, and my dad played a significant role in easing this transition ... My dad fully acknowledges the consequences of his actions and deeply regrets them. He has gained substantial insight from this experience and is best positioned to move forward in his life. This situation has imposed a major challenge on our family, and having my dad—who still has abundant love to give and welcoming arms—would be of immense value to us all."

Prior to the Shorewood man's sentencing, federal prosecutors informed the judge that "Molo is a college-educated, experienced financial advisor, having worked for a reputable investment firm, Edward Jones, for about twenty years. 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."

Six months ago, Molo pleaded guilty to the federal crime of wire fraud. Under the plea agreement, Molo's five other charges got dismissed at his sentencing before U.S. District Judge Robert Gettleman.

Molo will serve his two-term prison sentence in neighboring Wisconsin at the Federal Correctional Institution in Oxford, managed by the Bureau of Prisons. It's deemed a medium security institution with an adjacent minimum security satellite camp

Located in Adams County, Oxford is about a three hour and 10-minute drive from Shorewood.

Related Joliet Patch coverage:

Joliet Broker Who Stole $800K 'Has Shown No Remorse For His Conduct'

Here's How A Joliet Financial Investor Stole $800,000: SEC

Joliet Financial Adviser Swindled $800K From 3 Clients: Lausch