Reshad Jones Settles Lawsuit with Merrill Lynch

Reshad Jones, a former NFL safety known for his time with the Miami Dolphins, has reached a settlement in his legal battle with Merrill Lynch, a financial services firm.

The court awarded him $9.5 million after he claimed that a former financial advisor defrauded him out of around $2.6 million. While the settlement was finalized in August, it didn’t come to light until recently.

Isaiah Williams, the advisor in question, allegedly accessed Jones’ financial accounts to steal about $1.56 million through 133 transactions, as detailed in a June 25 arrest report. An additional $1.03 million was reportedly taken via a money laundering scheme involving another individual, Octavia Monique Graham, who he said he had never met.

The settlement with Merrill Lynch was only disclosed publicly this week, following a report by Investment News. Initially, Jones had sought $16 million in damages from a complaint he filed with the Financial Industry Regulatory Authority (FINRA), which regulates securities firms under the supervision of the U.S. Securities and Exchange Commission.

Jones, who played ten seasons in the NFL, all with Miami, accused Williams of fraud. While he did not admit to the allegations, Williams resigned from Merrill Lynch in December. Records from FINRA indicate he is currently barred from working as a broker and didn’t cooperate with related investigations.

Williams’ legal troubles didn’t stop there; he was also arrested in Florida in June and charged with crimes including grand larceny and fraud. Court documents reveal he was released on $1 million bail in July.

Allegedly, Williams used the stolen funds for personal indulgences like nightlife and travel. In July, in a statement, Jones’ attorneys characterized the situation as a troubling example of an athlete being exploited by a trusted financial advisor.

Jones is not alone in facing financial exploitation; this pattern is all too common among professional athletes. Notable cases include former NBA player Toni Kukoc, who is suing for damages from a financial advisor tied to a Swiss bank alleged to have embezzled over $11 million. Similarly, former Spurs star Tim Duncan lost millions through advisor fraud in 2016.

As a cautionary note, Forensic Accounting Professor Kelly Richmond-Pope advised athletes to be wary of financial advisors who assure them that everything is managed. It’s an ongoing issue, and despite the victories, many still face vulnerabilities in financial management.