Ex-Dolphins Star Reshad Jones Wins Settlement in Fraud Case

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Ex-Dolphins Star Reshad Jones Wins Settlement in Fraud Case

Reshad Jones, a prominent ex-NFL player with the Miami Dolphins, settled his lawsuit over fraud allegations with Merrill Lynch. The financial services firm agreed to pay Jones $9.5 million. This settlement followed claims that a former adviser at the firm defrauded him of around $2.6 million.

Details of the Fraud Case

The settlement was finalized in August, but reports surfaced only recently. According to investigative reports, at least $1.56 million was misappropriated through unauthorized transactions. The alleged scheme included an additional $1.03 million embezzled via money laundering. It involved complex manipulations utilizing bank and mobile app transfers.

Individuals Involved in the Scheme

  • A former financial adviser, identified as Williams, was accused and detained in Palm Beach County, Florida.
  • Williams faces charges of first-degree organized fraud and grand theft.
  • Octivia Monique Graham was reportedly part of this scheme, though Jones claims he never met her.

Legal Proceedings and Outcome

Jones escalated the matter to the Financial Industry Regulatory Authority, overseen by the U.S. Securities and Exchange Commission. The original claim against Merrill Lynch sought $16 million in damages.

Williams has since resigned from his position at Merrill Lynch. According to FINRA, he is no longer registered as an investment adviser. As of now, Williams is out on bond while awaiting trial.

Reshad Jones’ NFL Career

Jones, who last played in the NFL in 2019, appeared in 128 games and recorded 21 interceptions. His career with the Dolphins spanned over a decade, making him a well-known figure in professional football circles.

Comments from Legal Representatives

The legal firms representing Jones, Carlson Law and Sonn Law, highlighted the significant breach of trust in this high-profile case. They emphasized the severity of misconduct by a vice president at Merrill Lynch, a division of Bank of America.

Reshad Jones’ legal battle underscores complex issues at the intersection of sports and financial management. The resolution provides a precedent for similar cases involving financial fraud in high-profile circles.