Fired Edward Jones financial advisor Ronald Molo of Shorewood, Ill., was sentenced to two years in federal prison Tuesday after he was indicted for defrauding three elderly clients out of hundreds of thousands of dollars.

Molo, 63, was indicted by the U.S. Attorney for the Northern District of Illinois in November 2021 on six counts of wire fraud following investigations by the FBI and the Securities and Exchange Commission. He was also ordered to pay restitution to Edward Jones, according to the Herald-News, the Joliet paper, which covered the trial.

Molo promised to invest client money in tax-free investments that would provide periodic interest payments, but instead used the money for personal expenses including mortgage payments on his $800,000 home, mortgages for family members, home renovations, payments on his Cadillac XT5 and GMC Yukon sport-utility vehicle, travel and lottery tickets, according to the indictment.

One of Molo’s clients alleged the former advisor “stole funds from them by wiring client funds to a bank account controlled by [Molo’s] spouse under the guise that they were making an investment,” according to Molo’s BrokerCheck report (published by the Financial Industry Regulatory Authority).

Each of the six counts of wire fraud Molo faced carried a maximum 20-year sentence. But the advisor pleaded guilty to just one count in December 2021. Prosecutors dropped the five other counts in exchange for his plea agreement, the Herald-News reported.

On Tuesday, U.S. District Judge Robert Gettleman sentenced Molo to two years in prison and ordered him to reimburse Edward Jones $710,308.

Assistant U.S. Attorney Brian Havey told the Herald-News the firm was unlikely to recoup any funds, since Molo had spent “virtually all the money” he had stolen.

Molo is required to turn himself in to the Federal Bureau of Prisons on August 15 to begin serving his prison sentence, the paper reported.

Molo, who spent 20 years working in financial services at Edward Jones, was terminated from the firm in June 2021 over allegations he had directed clients “to transfer funds to an external account believed to be related to Molo,” according to the BrokerCheck report.

Finra barred Molo in January of 2022 after suspending him the previous September for failing to respond to the regulator’s request for information about his Edward Jones discharge.