Reshad Jones, the former Miami Dolphins Pro Bowl safety, has won a major legal victory after securing a $9.5 million settlement from Merrill Lynch, InvestmentNews reports. The payout, finalized in August, followed accusations that Jones was defrauded by his former financial advisor, Isaiah T. Williams, who was later arrested and charged with multiple felonies including grand theft, fraud and money laundering.

Williams had worked at Merrill Lynch’s Boca Raton branch from 2017 until late 2024 before resigning amid allegations of “misappropriation, unsuitable asset allocation, misrepresentations and an improper outside business activity,” according to his BrokerCheck profile. Merrill Lynch and Williams both declined to comment on the settlement, which recently appeared in the Financial Industry Regulatory Authority’s records.

Jones originally sought $16 million in damages after accusing Merrill Lynch and Williams of gross misconduct. His attorneys, Chase Carlson and Jeff Sonn, declined to speak on the outcome but previously issued a powerful statement condemning the exploitation of professional athletes by trusted financial institutions, CarlsonLaw reports. “This is yet another troubling example of a professional athlete being exploited by a wealth management firm he trusted,” Jones’ legal team said in July.

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From Wealth Manager to Criminal Case

Williams’ fall from grace came swiftly. The 33-year-old former vice president was arrested on June 25 after police alleged he stole nearly $2.6 million from Jones across more than 130 unauthorized transactions. According to court filings, Williams used the money to fund a lavish lifestyle that included luxury travel, nights out at clubs and strip clubs, designer clothes, jewelry and even child support payments.

Investigators said Williams laundered an additional $1 million with the help of an associate, Octavia Graham, who also faces charges. Williams’ next court appearance is set for November 13 in Broward County Criminal Court. Another former client has since filed a $3.5 million complaint against Merrill Lynch for similar misconduct.

Reshad Jones, who played 10 seasons for the Dolphins from 2010 to 2019, earned more than $58 million in his career and was a two-time Pro Bowler. His case shines a light on the financial vulnerabilities professional athletes often face when dealing with wealth management firms. Despite their fame and earnings, many players remain prime targets for fraud because of short playing careers, limited financial literacy and pressure to support their families.