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
PENGU Token Technical Review: Managing Immediate Market Fluctuations and Blockchain Indicators
- PENGU token faces critical juncture with conflicting technical indicators and accumulating on-chain activity in November 2025. - Short-term bearish signals (RSI 38.7, 12 sell signals) clash with bullish MACD/OBV divergence and whale accumulation ($273K acquired). - On-chain patterns suggest potential breakout above $0.0235 resistance, with $0.026 target if volume supports, but $0.01454 support remains vulnerable. - Risks persist due to unquantified NVT score and bearish pressure from broader indicators,
Bitcoin News Update: Retail Investors Panic While Whales Remain Confident as Bitcoin Hits Lowest Point in Seven Months
- Bitcoin fell to a seven-month low near $89,250, sparking debates over a potential bottom or prolonged correction amid mixed technical and institutional signals. - Analysts highlight a possible 40% rebound by year-end, driven by bullish figures like Michael Saylor and whale accumulation of 345,000 BTC since October. - Retail investors flee as fear metrics hit extremes, contrasting with institutional confidence seen in Czech National Bank's $1M Bitcoin pilot and ETF inflows. - Technical indicators warn of
COAI Experiences Significant Price Decline in Early November 2025: Combined Impact of Disappointing Earnings and Changing Market Sentiment
- COAI Index fell 88% YTD in 2025, sparking debates over AI/crypto AI sector revaluation vs. overreaction. - Mixed Q4 earnings: Cisco showed $14.7B revenue growth, while C3.ai reported $31.2M operating loss despite 26% revenue rise. - C3.ai's leadership crisis (CEO change, lawsuit) and governance issues amplified COAI's decline amid regulatory uncertainty. - CLARITY Act's ambiguous crypto regulations and institutional flight to stable tech stocks worsened sector sentiment. - Market re-rating of speculative
Hyperliquid (HYPE) Price Rally: Institutional Embrace and Changing Market Sentiment in Decentralized Trading
- Hyperliquid's HYPE token surged due to institutional adoption and shifting market sentiment, defying broader crypto slumps. - A $1B HYPE Digital Asset Treasury merger with Rorschach I LLC and partnerships like Hyperion DeFi's HAUS protocol boosted token utility and capital inflows. - Q3 2025 analysis shows HYPE trading between $35-$60 with strong on-chain metrics, though manipulation risks and Fed policy remain critical factors. - 21Shares' HYPE ETF application and Hyperliquid's expanded $1B fundraising
Trending news
MoreCrypto prices
More
