It’s no wonder people steer clear of financial advisor types

In summary: a professional football player in Miami used the services of Merrill Lynch in South Florida. The person who was serving as his advisor was actively enriching himself from the players money through a series of shady transactions, and laundering money through a third party - that the player had never met or authorized.

The advisor was arrested and faces restitution and significant jail time.  And Merrill Lynch has agreed to pay about 3x what was stolen, and essentially (paraphrasing from their publci statements) "hopes to do better in the future."

And surely other people who were managed by the same person had money stolen, too. What of them? 

Merrill Lynch Pays $9.5 Million to Settle FINRA Arbitration Brought by Former NFL Star Reshad Jones https://www.iorio.law/blog/merrill-lynch-reshad-jones-fraud-settlement/