Former NFL safety Reshad Jones’s claim against Merrill Lynch recently settled for $9.5 million. This victory, though not entirely without cost, was achieved through a fraud case against his former financial adviser, Isaiah Williams. Jones, a fifth round draft pick out of the University of Georgia in 2010, found that success in a decade-long career with the Miami Dolphins. He appeared in 128 games (113 starts). At the bottom of his career, Jones grossed more than $56 million.
Isaiah Williams, who previously worked at Merrill Lynch, used his position to gain unauthorized access to Jones’ personal financial accounts. Over the course of 133 transactions, Williams stole $1.56 million from the retired professional athlete. Jones’s attorneys Chase Carlson and Jeff Sonn called the situation unprecedented and disturbing. They called it “yet another troubling example of a professional athlete being taken advantage.”
In June, Williams was arrested and charged with several crimes. These charges, such as first-degree organized fraud and first-degree grand theft, uncovered the disturbing specifics of the ongoing case. If he is convicted, he could be sentenced to up to 30 years in jail. For now, Williams is still at large on a $1 million bond awaiting trial.
Another $1.03 million was allegedly transmitted at least in part through a complicated money laundering operation. That meant tracking complex transfers between Williams and an alleged accomplice, Octivia Monique Graham, through multiple banks and cash apps. This new layer of deceit emphasizes the depth of fraud the bankruptcy system has been wrought against Jones.
While he awaits trial, the ramifications of Williams’ actions are still reverberating. The settlement with Merrill Lynch is a huge financial victory for Jones. More importantly, it sheds light on the financial vulnerabilities that professional athletes are exposed to and struggle with.
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