Sports
Former Dolphins player Reshad Jones awarded settlement in fraud case
NEWYou can now listen to Fox News articles!
Reshad Jones, who spent nine seasons with the Miami Dolphins, settled his lawsuit against financial services Merrill Lynch.
The former NFL safety was awarded $9.5 million after alleging a former financial advisor at the company defrauded him for an estimated $2.6 million. The settlement was agreed upon in August, but public reporting on the case was not made available 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.
The settlement with Merrill Lynch took place in August but began receiving pickup this week, when Investment News reported on it. Jones, who played 10 NFL seasons—all with Miami—originally sought $16 million in damages in his complaint, filed with the Financial Industry Regulatory Authority (FINRA), a private organization that oversees brokerage firms and is supervised by the U.S. Securities and Exchange Commission.
CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM
Reshad Jones (20) of the Miami Dolphins prior to the game against the Tennessee Titans at Hard Rock Stadium on Sept. 9, 2018 in Miami, Florida. (Mark Brown/Getty Images)
The two-time Pro Bowler accused his former financial advisor, Isaiah Thomas Williams Jr., of defrauding him. Without admitting or denying the allegations, Thomas voluntarily resigned from Merrill Lynch in December, according to FINRA records. Thomas is now prohibited from acting as a broker “or otherwise associating with a broker-dealer firm,” according to FINRA, which says he did not cooperate with its investigation into the situation.
EX-NFL STAR JAY CUTLER FACES LAWSUIT OVER DUI CRASH THAT LED TO JAIL SENTENCE
Williams’s headaches did not begin and end with the FINRA complaint. He was also arrested in Florida in June, and charged with grand theft, fraud, and money laundering, according to Broward County criminal court records. Those records also show he was released in July on a $1 million bond.
Miami Dolphins free safety Reshad Jones (20) celebrates a victory against the Atlanta Falcons at Mercedes-Benz Stadium on Oct. 15, 2017 in Atlanta, Georgia. (Brett Davis/USA TODAY Sports)
Williams allegedly stole the total of almost $2.6 million through 133 separate transactions, and with another individual, Octavia Graham, who was also charged in Broward County, court records show. Williams allegedly used the money for personal expenses, including strip clubs and airline tickets.
In July, attorneys for Jones—Chase Carlson of Carlson Law and Jeff Sonn of Sonn Law—issued a statement calling the case “yet another troubling example of a professional athlete being exploited by a wealth management firm he trusted.”
Reshad Jones (20) of the Miami Dolphins in action against the Jacksonville Jaguars at Hard Rock Stadium on Dec. 23, 2018 in Miami, Florida. (Mark Brown/Getty Images)
“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,” they said. The attorneys did not respond to a request for comment Friday.
Jones, who last played in the NFL in 2019, is not nearly the first athlete to be defrauded by their financial advisor. Former Bulls forward Toni Kukoc is currently suing his former friend and financial advisor in Illinois for allegedly helping a Swiss bank embezzle more than $11 million from him over the course of multiple years. Ex-Spurs star Tim Duncan was also famously swindled out of millions of dollars by his former financial advisor in 2016.
CLICK HERE TO GET THE FOX NEWS APP
“It’s all too common for athletes to hand over the keys to their kingdom to a financial advisor,” Kelly Richmond Pope, a professor of forensic accounting, told Front Office Sports earlier this year.
She cautioned athletes: “Beware of anyone who tells you ‘I have everything covered, don’t worry.’”
Follow Fox News Digital’s sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.
The Copa Libertadores trophy won by Flamengo on Saturday was damaged during the team’s title celebrations.
Flamengo beat Palmeiras 1-0 in the final in Lima, Peru, to become the first Brazilian club to lift the prestigious cup four times.
Flamengo players and staff had a victory parade on the streets of Rio de Janeiro on Sunday afternoon, with an estimated 500,000 people joining in the celebrations.
Players and staff took turns to lift the cup during the parade and images showed that the top part of the trophy, which consists of a figurine of a footballer ready to kick a ball, was wrapped in what appeared to be masking tape.
– Flamengo lift Copa Libertadores, but Brazil’s players look exhausted
The figurine had earlier been broken.
Flamengo will be hoping to wrap up the Brazilian league title on Wednesday when they take on Ceara in front of their own fans in Rio’s Maracana stadium.
They are five points clear of Palmeiras at the top of the standings with two games remaining.
Former England cricketer Moeen Ali has announced his return to the Pakistan Super League (PSL), saying he was excited to be part of the league’s “new era”.
After the 10th edition of the PSL earlier this year, the league is set for an expansion to eight teams, with the addition of two new franchises.
Meanwhile, Moeen, who has previously featured in the marquee league when he represented former champions Multan Sultans in the 2020 and 2021 editions, expressed his eagerness to rejoin the league.
Moeen stated that the PSL, since its advent in 2016, has “earned a reputation for top-level T20 cricket”, featuring close competition and talented players.
“I’m really excited to be joining HBL PSL in its New Era. The league has earned a reputation for top-level T20 cricket, with high-quality competition and world-class talent across every team,” Moeen wrote on Instagram.
The 38-year-old, who represented England in 68 Tests, 138 ODIs and 92 T20Is during his illustrious career, was also a part of the Three Lions squad that made its historic tour of Pakistan in 2022 to play a three-match Test series. Besides that, Moeen has made several visits to the country.
Reflecting on his previous experiences in Pakistan, Moeen said that he enjoyed playing in the country and specifically praised the enthusiastic crowd, which he said pushes players to give their best on the field.
“Playing in Pakistan is always incredible; quality of cricket is outstanding and the passion and intensity from the crowd push you to bring your best,” he continued.
“I’m looking forward to being part of it all and creating some great memories along the way. Ready for another special experience Insha’Allah!”
His announcement comes just days after former South African captain Faf du Plessis pulled out of the Indian Premier League (IPL) to play in the upcoming PSL season.
In a post on Instagram on November 29, the renowned cricketer said that he would not put his name in the IPL auction this year.
“It’s a big decision, and one that comes with a lot of gratitude when I look back,” he wrote in his post.
The receiver has been plagued by injuries, but Sunday night against the Broncos, he gave Washington something to talk about other than a seventh straight loss.
Source link
Wake Up—the Best Cyber Monday Mattress and Bedding Sales Are Here
Sean Diddy Combs docuseries raises expectations with new bombshell
I’ve Tried Every Digital Notebook. Here Are the Best Ones on Sale
-
Sports1 week agoWATCH: Ronaldo scores spectacular bicycle kick
-
Entertainment1 week agoWelcome to Derry’ episode 5 delivers shocking twist
-
Politics1 week agoWashington and Kyiv Stress Any Peace Deal Must Fully Respect Ukraine’s Sovereignty
-
Business1 week agoKey economic data and trends that will shape Rachel Reeves’ Budget
-
Politics1 week ago53,000 Sikhs vote in Ottawa Khalistan Referendum amid Carney-Modi trade talks scrutiny
-
Tech6 days agoWake Up—the Best Black Friday Mattress Sales Are Here
-
Fashion1 week agoCanada’s Lululemon unveils team Canada kit for Milano Cortina 2026
-
Tech1 day agoGet Your Steps In From Your Home Office With This Walking Pad—On Sale This Week