(HedgeCo.Net) The U.S. District Court for the Northern District of Illinois entered a final judgment against Ronald T. Molo, a former investment professional, who was charged with defrauding three investors and ordered Molo 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. According to the complaint, Molo convinced the three investors to transfer money out of their advisory and brokerage accounts to another bank account, purportedly to invest in tax-free bonds. The complaint alleged that, in reality, the bonds did not exist, and instead of investing the money, Molo used it to pay personal expenses.

In addition to ordering the disgorgement and prejudgment interest, the judgment, entered on the basis of default, permanently enjoins Molo from participating, directly or indirectly, in the issuance, purchase, offer, or sale of any security.