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Joliet Financial Advisor Allegedly Swindled Clients Out of Nearly $800,000

A Joliet area financial advisor has been indicted after allegedly swindling clients out of almost $800,000. 61-year-old Ronald T. Molo of Shorewood has been charged with six counts of wire fraud. The U.S. Attorney’s office says that Molo was working at the Joliet branch of a national financial firm. It’s alleged that Molo told his clients that investments with him would be income-producing and tax-free. The indictment states that Molo did not invest his clients money and instead bought cars, made mortgage payments for himself and family members, home remodeling, lottery tickets travel and shopping expenses. Molo is accused of causing three clients to suffer losses totaling $778,000. His arraignment has not yet been scheduled.


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