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Xuan Thai
Former Miami Dolphins safety Reshad Jones has settled a lawsuit against Merrill Lynch for $9.5 million after a former financial adviser allegedly stole $2.59 million from the two-time Pro Bowler. The settlement occurred in August, but public reporting was delayed until this week.
According to a June 25 arrest report, Isaiah Williams — Jones’ former financial adviser and a former employee of Merrill Lynch — used his position to gain access to Jones’ personal financial accounts to steal $1.56 million in 133 separate transactions. Another $1.03 million was stolen through a complicated 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.
Court records allege Williams used the money to pay for personal expenses such as airline tickets and hotels, strip clubs, cars, jewelry and duty-free shopping in Mexico.
Investment News first reported the settlement on Wednesday. Merrill Lynch declined comment. Jones’ lawyers, Chase Carlson and Jeff Sonn, declined to comment and referred ESPN to a previous statement where they called the situation “another troubling example of a professional athlete being exploited.”
According to documents from BrokerCheck, an online database that compiles information about brokers and financial institutions, Jones originally asked for $16 million in damages in an arbitration filing against Merrill Lynch, BrokerCheck reported.
The Palm Beach County, Florida, sheriff’s office booked Williams in June on four counts, including first-degree organized fraud and first-degree grand theft, which are both punishable by up to 30 years in prison. Williams is currently out on $1 million bond 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 128 games, starting 113. According to Over the Cap, Jones made over $56 million in his playing career.
