According to reports, Super Bowl champion and Cleveland Browns linebacker, Mychal Kendricks, has been charged with insider trading.
Kendricks, along with ex- ‘Black-ish’ writer Damilare Sonoiki, were both charged with one count of conspiracy to commit securities fraud and one count of securities fraud.
The 27-year-old linebacker took to Twitter to apologize and that he takes full responsibility for his actions.
“I would like to apologize,” Kendricks said in the statement released by his attorneys. “Four years ago, I participated in insider trading, and I deeply regret it. I invested money with a former friend of mine who I thought I could trust and who I greatly admired. His background as a Harvard graduate and an employee of Goldman Sachs gave me a false sense of confidence.
“To this point, I had worked my tail off since I was 5 years old to become a football player. I was drawn in by the allure of being more than just a football player. While I didn’t fully understand all of the details of the illegal trades, I knew it was wrong, and I wholeheartedly regret my actions.
“I sincerely apologize to my coaches, the owners, and my teammates on the Eagles and the Browns, the NFL, and the magnificent fans to whom I owe my career,” Kendricks said in the statement. “I also apologize to my family, who I have failed in this. You all deserve better, and I will work my hardest to re-earn your trust and respect, serve as an advocate to educate others, and show you that I will never be involved in anything like this again.”
U.S. Attorney William M. McSwain announced charges against both men. It’s alleged Kendricks received insider information about corporate mergers from Sonoiki in 2014. Furthermore, it’s suspected he used that information to invest in companies that were about to be acquired.
It’s believed that Kendricks made around $1.2 million from insider trading.
Kendricks says that he has cooperated with the authorities and “will continue to do so.” He’s also stated he would repay all of the illegally gained funds.
If convicted, Kendricks potentially faces a maximum possible sentence of 25-years imprisonment, a three-year period of supervised release, and a $5,250,000 fine in addition to forfeiture of the money made from the offenses.
The Cleveland Browns released a statement on Twitter:
Our statement on LB Mychal Kendricks: pic.twitter.com/SJT4RPdo0o
— Cleveland Browns (@Browns) August 29, 2018
Kendricks spent his first six seasons with the Philadelphia Eagles before being released in this past May. He signed a one-year deal with the Browns in June.
