Former Miami Dolphins safety Reshad Jones has won a $9.5 million settlement in a case against Merrill Lynch, following allegations that his former financial adviser stole millions from him during and after his NFL career.
Court records obtained by ESPN show that Jones’ adviser, Isaiah Williams, was arrested in June and accused of allegedly orchestrating a multi-layered fraud scheme.
Investigators say Williams allegedly used his role as a Merrill Lynch employee to gain access to Jones’ accounts and remove funds without authorization. More than $1.56 million was reportedly taken across 133 separate transactions, and another $1.03 million was allegedly diverted through transfers to a Georgia-based woman named Octavia Monique Graham, whom Jones told authorities he had never met.
According to the arrest report, the allegedly stolen money went toward personal expenses, including airline tickets, hotels, strip clubs, cars, jewelry, and duty-free purchases in Mexico.
The Palm Beach County Sheriff’s Office has charged Williams with multiple felonies, including first-degree organized fraud and first-degree grand theft. Both charges carry potential prison sentences of up to 30 years. Williams was released on $1 million bond and is currently awaiting trial.
While Williams faces his criminal case, Jones also pursued civil action against Merrill Lynch. Documents from BrokerCheck, the Financial Industry Regulatory Authority’s database, show that Jones originally filed for $16 million in damages through arbitration.
His legal team, Chase Carlson and Jeff Sonn, previously described the situation as “another troubling example of a professional athlete being exploited.”
In August, Jones and Merrill Lynch reached a $9.5 million settlement, though details were only made public this week. Merrill Lynch has declined to comment on the matter, while Jones’ attorneys pointed reporters back to their earlier statement.
Jones, a fifth-round draft pick out of Georgia in 2010, spent his entire 10-year career with the Dolphins. He appeared in 128 games, starting 113, and made two Pro Bowl teams as one of the franchise’s most consistent defensive players of the last decade. He earned more than $56 million during his playing career.