Joliet financial advisor indicted on federal charges of swindling clients out of $778,000
JOLIET, Illinois - A Joliet financial advisor is now facing federal fraud charges after he allegedly swindled clients out of nearly $800,000 and spent the money on cars and travel.
Ronald T. Molo, 61, of Shorewood is facing six counts of wire fraud.
Federal prosecutors said that Molo had been working as a licensed financial advisor in the Joliet branch of a national financial services firm when he told clients their investments would be income-producing and tax-free.
Molo allegedly used that money to buy a Cadillac XT5 and GMC Yukon; pay the mortgage for himself and relatives; pay for home remodeling; buy lottery tickets; go shopping; travel; and to pay family members.
Prosecutors said that three clients lost a total of $778,000.
Each count of wire fraud is punishable by up to 20 years in prison.