Bank of America’s Merrill Lynch To Pay $9,500,000 in Damages After Employee Steals $2,590,000 From Customer, Splurges on Jewerly, Strip Clubs, Hotels
Bank of America’s wealth advisory unit Merrill Lynch has agreed to pay $9.5 million to settle a fraud suit brought by a former NFL player.
Reshad Jones accused a former adviser at the unit of embezzling $2.59 million and using the money for personal expenses, ESPN reports .
Court documents and arrest reports show that Isaiah Williams, in a position of trust at Merrill Lynch, transferred $1.56 million from Jones’s accounts across 133 unauthorized transactions,
An additional $1.03 million was allegedly taken through a laundering scheme in coordination with another party, Octavia Monique Graham, involving bank transfers and Cash App transactions.
Williams is accused of spending the stolen funds on jewelry, cars, hotels, airline tickets, strip clubs, shopping sprees, and luxury travel.
He faces criminal charges including first-degree organized fraud and first-degree grand theft, each of which carries a possible sentence of up to 30 years behind bars.
Williams was booked into jail in June and is currently free on a $1 million bond awaiting trial.
In his claim, Jones originally sought $16 million in damages via arbitration, citing breach of fiduciary duty and negligent oversight by Merrill Lynch.
The settlement in August resolves the dispute without going through a full trial.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Dogecoin News Today: Dogecoin ETF Breakthrough: Transitioning from Internet Meme to a Mainstream Investment Option
- Bitwise's DOGE ETF (BWOW) launches Nov 26, 2025, offering regulated DOGE exposure with 0.34% fee. - Dogecoin ranks 9th at $22B market cap, with $1B+ daily volume, driven by institutional adoption and SEC approval shifts. - ETF structure holds actual DOGE, aligning with Bitwise CEO's vision to democratize crypto access through transparency. - Grayscale's Zcash ETF filing and Mutuum Finance's $19M presale highlight growing altcoin institutional interest. - DOGE trades at $0.1503, consolidating in $0.13–$0.
Regulation and Innovation: SEC Examines Nasdaq’s Proposal for Tokenized Stocks
- Nasdaq seeks SEC approval for tokenized stock trading framework, aiming to modernize settlement while aligning with existing regulations. - The proposal shares CUSIPs and rights between tokenized/traditional shares but faces criticism over potential market fragmentation and investor protection risks. - SEC's cautious approach and December 4 panel will determine if tokenized equities gain regulatory traction or remain niche experiments. - Industry divides persist: Nasdaq prioritizes incremental adoption w
XRP News Today: Investors Divided: XRP's $5 Buzz Compared to Ozak AI's 7,000% Growth Promise
- XRP gains traction as analysts predict $5 price targets via ETF-driven inflows, citing historical Bitcoin multipliers. - Ozak AI emerges as AI-focused crypto alternative, raising $4.54M in presale with 7,000% return potential via decentralized AI infrastructure. - Market splits between XRP's institutional appeal and Ozak AI's utility-driven innovation, highlighting crypto's shifting risk-reward dynamics. - Analysts note XRP's capped growth vs. Ozak AI's 50X-100X potential, emphasizing real-world AI appli
Between Breakthroughs and Turmoil: The Struggle for Safety and Longevity in Cryptocurrency
- Crypto sector faces structural challenges balancing innovation with security and sustainability amid rising threats and regulatory uncertainty. - Mutuum Finance advances dual-lending architecture and mtToken mechanics under Halborn audit to build defensible DeFi models. - Upbit's $36M hack and Tether's Uruguay exit highlight systemic vulnerabilities from cyberattacks and energy cost volatility. - Industry shifts toward sustainable yield models with automated collateral rules and revenue redistribution to
Trending news
MoreCrypto prices
More
