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Reshad Jones, who spent a decade with the Miami Dolphins, settled his lawsuit against financial services firm Merrill Lynch.
The former NFL safety was awarded $9.5 million after alleging that a former financial adviser at the company defrauded him of approximately $2.6 million. The settlement was reached in August, but public reporting on the case was not made available until this week.
Investment News was the first to report details of the settlement.
An arrest report issued in June stated that Williams took advantage of his position at Merrill Lynch to wrongfully access Jones’ personal financial information and subsequently stole at least $1.56 million over a series of separate transactions.
An additional $1.03 million was embezzled through a complex money laundering scheme which involved bank and mobile app transfers.
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A woman named Octivia Monique Graham was named as participant in the scheme, ESPN reported. Investigators said Jones stated he had never met Graham.
Jones filed a complaint with the Financial Industry Regulatory Authority, an organization under the supervision of the U.S. Securities and Exchange Commission. An arbitration filing against Merrill Lynch initially sought damages totaling $16 million, documents from BrokerCheck showed.
Williams was taken into custody in Palm Beach County, Florida in June on first-degree organized fraud and first-degree grand theft charges. Palm Beach County Sheriff’s Office records show Williams is currently out on bond as he awaits trial.
Thomas has resigned from Merrill Lynch and “is not currently registered as an Investment Adviser Representative,” FINRA records showed.
“In this case, the wrongdoer was a Vice President at one of the world’s largest financial institutions—Bank of America’s investment management division, Merrill Lynch,” Chase Carlson of Carlson Law and Jeff Sonn of Sonn Law, the attorneys of record for Jones, 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 appropriate attribution.
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