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Reshad Jones, who spent nine seasons with Miami Dolphins, settled his trial against Financial Services Merrill Lynch.
The former NFL security was awarded $ 9.5 million after claiming a former financial advisor in the company deceives him for an estimated $ 2.6 million. The settlement was agreed in August, but public reporting on the case was not made available until this week.
According to an arrest on June 25, Isaiah Williams – Jones ‘former financial adviser and a former Merrill Lynch employee – used his attitude to access Jones’ personal financial accounts to steal $ 1.56 million in 133 separate transactions. An additional $ 1.03 million was stolen through a complicated money laundering scheme involving banking and cash appendments between Williams and a Georgia-based woman, Octivia Monique Graham. Jones told investigators he had never met the woman.
The settlement with Merrill Lynch took place in August, but began receiving pickup this week when investment news reported it. Jones, who played 10 NFL seasons – all with Miami – originally sought $ 16 million in compensation in his complaint, filed for Financial Industry Regulatory Authority (Finra), a private organization that oversees brokerage companies and monitored by the US Securities and Exchange Commission.
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Reshad Jones (20) from Miami Dolphins before the game against the Tennessee Titans at Hard Rock Stadium on September 9, 2018 in Miami, Florida. (Mark Brown/Getty Images)
The two-time pro bowler accused his former financial adviser, Isaiah Thomas Williams Jr., of deceiving him. Without admitting or denying the claims, Thomas volunteered from Merrill Lynch in December, according to Finra Records. Thomas is now prohibited from acting as a broker “or otherwise connecting to a brokerage company,” according to Finra, who says he did not cooperate with his investigation into the situation.
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William’s headache did not start and ended with the Finra complaint. He was also arrested in Florida in June and charged with magnificent theft, fraud and money laundering, according to Broward County Criminal Court Records. These items also show that he was released in July on a bond of $ 1 million.
Miami Dolphin’s Free Safety Reshad Jones (20) celebrates a win against Atlanta Falcons at Mercedes-Benz Stadium on October 15, 2017 in Atlanta, Georgia. (Brett Davis/USA Today Sports)
Williams allegedly stole the total amount of almost $ 2.6 million through 133 separate transactions, and with another individual, Octavia Graham, also indicted in Broward County, the Court Register shows. Williams allegedly spent the money for personal expenses, including strip clubs and airline tickets.
In July, Attorneys for Jones – Chase Carlson of Carlson Law and Jeff Sonn from Sonn Law – published a statement that called the case “yet another troubled example of a professional athlete being exploited by a wealth management company he trusted.”
Reshad Jones (20) from Miami Dolphins in action against Jacksonville Jaguars at Hard Rock Stadium on December 23, 2018 in Miami, Florida. (Mark Brown/Getty Images)
“In this case, the wrongdoing was a vice president of one of the world’s largest financial institutions – Bank of America’s Investment Management Division, Merrill Lynch,” they said. The lawyers did not respond to a request for comment Friday.
Jones, who last played in the NFL in 2019, is not almost the first athlete to be deceived by their financial adviser. Formerly Bulls Frem Toni Kukoc is currently suing his former friend and financial adviser in Illinois for allegedly helping a Swiss bank under $ 11 million from him over several years. Ex-Spurs star Tim Duncan was also famously scammed out of millions of dollars by his former financial adviser in 2016.
“It’s far too common for athletes to hand over the keys to their kingdom to a financial adviser,” Kelly Richmond Pope, professor of forensic accounts, told Front Office sports earlier this year.
She warned athletes: “Take care of anyone who tells you ‘I have everything covered, don’t worry.'”
