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Reshad Jones, who spent nine seasons with the Miami Dolphins, settled his lawsuit against financial services company Merrill Lynch.
The former NFL safety was awarded $9.5 million after alleging that a former company financial advisor defrauded him of an estimated $2.6 million. The agreement was reached in August, but public reports on the case were not available 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 gain access to Jones’ personal financial accounts and steal $1.56 million in 133 separate transactions. Another $1.03 million was stolen through an elaborate laundering scheme involving bank and cash app transfers between Williams and a Georgia-based woman, Octivia Monique Graham. Jones told investigators he had never met the woman.
The deal with Merrill Lynch took place in August, but began picking up this week, when Investment News reported on it. Jones, who played 10 seasons in the NFL, all with Miami, originally sought $16 million in damages in his lawsuit, filed with the Financial Industry Regulatory Authority (FINRA), a private organization that oversees brokerage firms and is overseen by the U.S. Securities and Exchange Commission.
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Reshad Jones (20) of the 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 advisor, Isaiah Thomas Williams Jr., of defrauding him. Without admitting or denying the allegations, Thomas voluntarily resigned from Merrill Lynch in December, according to FINRA records. Thomas is now prohibited from acting as a broker “or otherwise associating with a brokerage firm,” according to FINRA, which says he did not cooperate with its investigation into the situation.
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Williams’ headaches did not begin or end with the FINRA complaint. He was also arrested in Florida in June and charged with grand theft, fraud and money laundering, according to Broward County criminal court records. Those records also show he was released in July on $1 million bail.
Miami Dolphins free safety Reshad Jones (20) celebrates a victory against the Atlanta Falcons at Mercedes-Benz Stadium on October 15, 2017 in Atlanta, Georgia. (Brett Davis/USA TODAY Sports)
Williams allegedly stole the total of nearly $2.6 million through 133 separate transactions, and with another person, Octavia Graham, who was also charged in Broward County, court records show. Williams allegedly used the money for personal expenses, including strip clubs and airline tickets.
In July, Jones’ attorneys, Chase Carlson of Carlson Law and Jeff Sonn of Sonn Law, issued a statement calling the case “yet another troubling example of a professional athlete being exploited by a wealth management company he trusted.”
Reshad Jones (20) of the Miami Dolphins in action against the Jacksonville Jaguars at Hard Rock Stadium on December 23, 2018 in Miami, Florida. (Mark Brown/Getty Images)
“In this case, the wrongdoer was the vice president of one of the largest financial institutions in the world: Bank of America’s investment management division, Merrill Lynch,” they said. The attorneys did not respond to a request for comment Friday.
Jones, who last played in the NFL in 2019, is hardly the first athlete defrauded by his financial advisor. Former Bulls forward Toni Kukoc is currently suing his former friend and financial advisor in Illinois for allegedly helping a Swiss bank embezzle more than $11 million from him over several years. Former Spurs star Tim Duncan was also famous for being scammed out of millions of dollars by his former financial advisor in 2016.
“It’s very common for athletes to hand over the keys to their kingdom to a financial advisor,” Kelly Richmond Pope, a professor of forensic accounting, told Front Office Sports earlier this year.
He warned athletes: “Beware of anyone who tells you ‘I’ve got everything covered, don’t worry.'”
