Merrill Lynch to pay ex-Pro Bowler Reshad Jones $9.5M to settle fraud suit
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Xuan Thai
Former Miami Dolphins guard Reshad Jones has settled a lawsuit against Merrill Lynch for $9.5 million after a former financial advisor allegedly stole $2.59 million from the two-time Pro Bowler. The settlement occurred in August, but the release of public information was delayed until this week.
According to a June 25 arrest report, Isaiah Williams — Jones’ former financial advisor and former Merrill Lynch employee — used his position to access Jones’ personal financial accounts to steal $1.56 million in 133 separate transactions. Another $1.03 million was stolen through a complex laundering scheme involving bank and cash transfers between Williams and a Georgia-based woman, Octivia Monique Graham. Jones told investigators he never met the woman.
Court records allege Williams used the money to pay for personal expenses such as plane tickets and hotels, strip clubs, cars, jewelry and tax-free purchases in Mexico.
Investment News first reported the settlement on Wednesday. Merrill Lynch declined to comment. Jones’ attorneys, Chase Carlson and Jeff Sonn, declined to comment and referred ESPN to a previous statement in which they called the situation “another disturbing example of exploitation of a professional athlete.”
According to documents from BrokerCheck, an online database that compiles information about brokers and financial institutions, Jones initially sought $16 million in damages in an arbitration against Merrill Lynch, BrokerCheck reported.
The Palm Beach County, Florida, Sheriff’s Office arrested Williams in June on four charges, including first-degree organized fraud and first-degree theft, both of which carry a sentence of up to 30 years in prison. Williams is currently free on $1 million bail and awaiting trial, according to the sheriff’s office database.
Jones was a fifth-round draft pick out of Georgia in 2010. He spent his entire 10-year NFL career with the Dolphins, where he played in 128 games, starting 113. According to Over the Cap, Jones earned more than $56 million during his playing career.
