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
LUNA Rises 1.13% Amid Progress on U.S. Lawmaker’s Stock Trading Ban
- LUNA rose 1.13% in 24 hours amid U.S. political pressure to ban congressional stock trading, despite an 82.66% annual decline. - Rep. Anna Paulina Luna advanced the bipartisan Restore Trust in Congress Act, which would prohibit lawmakers and families from trading individual stocks. - The bill faces bipartisan opposition over financial flexibility concerns but has 100+ supporters, including conservatives and progressives, seeking to close ethics loopholes. - Critics argue the 2012 STOCK Act lacks sufficie
BCH Rises 9.13% Over 24 Hours as Overall Market Trends Upward
- Bitcoin Cash (BCH) surged 9.13% in 24 hours, with 10.08% monthly and 37.01% annual gains, signaling sustained bullish momentum. - Analysts attribute the rise to BCH's utility in cross-border payments, low fees, and institutional interest as a Bitcoin layer-2 solution. - No immediate catalysts (regulatory shifts, partnerships) were identified, suggesting market sentiment and macro trends drive the rally. - Experts highlight BCH's structural strengths and active development, positioning it to outperform br
YFI Rises 7.78% in a Day as DeFi Market Swings and Fresh Yield Strategies Emerge
- YFI surged 7.78% in 24 hours amid DeFi sector turbulence, despite a 50.04% annual decline. - BI DeFi launched new yield plans to stabilize returns amid regulatory uncertainty and investor wariness. - DeFi Technologies faces a class-action lawsuit after a 20% revenue drop and a 27.59% stock plunge. - Balancer DAO’s $8M recovery plan highlights systemic DeFi risks, including 83–95% inactive liquidity. - Analysts stress the need for regulatory clarity and tech improvements to stabilize the volatile DeFi mar
ZEC Rises 5.45% in the Past 24 Hours Following Grayscale's ZEC ETF Filing
- ZEC rose 5.45% in 24 hours but fell 26.99% weekly amid Grayscale's ZEC ETF filing with the SEC. - Whale activity shows $25M ZEC short exposure with $3. 3M unrealized gains, signaling growing bearish pressure. - Grayscale's ZEC ETF aligns with institutional altcoin adoption trends, following recent approvals for XRP , SOL, and DOGE . - Analysts anticipate ETF approval within months, potentially boosting ZEC's institutional adoption despite short-term volatility.
Trending news
MoreCrypto prices
More
