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Reshad Jones, who spent a decade with the Miami Dolphins, has settled his lawsuit against financial services company Merrill Lynch.
The former NFL safety was awarded $9.5 million after alleging that a former financial advisor to the company defrauded him of approximately $2.6 million. The settlement was reached in August, but public reports on the case were not made available until this week.
Investment News was first to report details of the settlement.
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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)
An arrest report released in June said Williams took advantage of his position at Merrill Lynch to illegally access Jones’ personal financial information and then stole at least $1.56 million during a series of separate transactions.
Another $1.03 million was embezzled in a complex money laundering scheme involving bank transfers and via mobile apps.
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A woman named Octivia Monique Graham was named as a participant in the program, ESPN reported. Investigators said Jones said he never met Graham.
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)
Jones filed a complaint with the Financial Industry Regulatory Authority, an organization under the supervision of the United States Securities and Exchange Commission. An arbitration claim against Merrill Lynch initially sought damages totaling $16 million, according to BrokerCheck documents.
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)
Williams was arrested in Palm Beach County, Florida, in June on charges of first-degree organized fraud and first-degree grand larceny. Palm Beach County Sheriff’s Office records show Williams is currently out on bond awaiting trial.
Thomas has resigned from Merrill Lynch and “is not currently registered as an investment advisor representative,” according to FINRA records.
“In this case, the perpetrator was a vice president at one of the world’s largest financial institutions, the investment management division of Bank of America, Merrill Lynch,” Chase Carlson of Carlson Law and Jeff Sonn of Sonn Law, Jones’ attorneys, said in a statement in July.
The 2019 season marked Jones’ final year in the NFL. He appeared in 128 games and finished his career with 21 interceptions.
Editor’s note: This story has been updated to reflect proper attribution.
