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Merrill Lynch must pay $9.5 million: Ex-professional sues for fraud!
Bank of America settles for $9.5 million after fraud incidents committed by a consultant. Find out more about the case.
Merrill Lynch must pay $9.5 million: Ex-professional sues for fraud!
Bank of America's wealth advisory unit Merrill Lynch has agreed to pay $9.5 million to settle a fraud-for-profits lawsuit. This decision follows a lawsuit initiated by former NFL player Reshad Jones, who alleged that a former aide, Isaiah Williams, embezzled $2.59 million from his accounts for personal expenses. Loud [dailyhodl.com](https://dailyhodl.com/2025/10/17/bank-of-americas-merrill-lynch-to-pay-9500000-in-damages -after-employee-steals-2590000-from-customer-splurges-on-jewerly-strip-clubs-hotels-und-shopping-report/) Court documents say Williams transferred a total of $1.56 million from Jones' accounts through 133 unauthorized transactions.
Additionally, it is reported that another $1.03 million was obtained through a money laundering scheme involving an accomplice named Octavia Monique Graham. This scheme included both bank transfers and Cash App transactions, further complicating the scam. Williams is said to have spent the embezzled funds on luxury items such as jewelry, cars, hotel stays, airline tickets, strip clubs and shopping trips.
Legal consequences for the advisor
Williams now faces serious charges including first-degree organized fraud and first-degree grand larceny, both of which carry a possible sentence of up to 30 years in prison. He was jailed in June and remains free on $1 million bail while awaiting trial.
Jones had originally sought $16 million in damages through arbitration, alleging breaches of fiduciary duty and negligent oversight by Merrill Lynch. The settlement reached in August resolves the dispute without the need for a full trial.
This case raises significant questions about internal oversight and risk management in financial institutions, particularly in relation to the handling of sensitive customer data and accounts. Merrill Lynch's obligation to pay the $9.5 million could prove to be a relevant precedent.