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Wednesday, August 29, 2018

Browns Linebacker Mychal Kendricks Indicted on Insider Trading Charges

Posted By on Wed, Aug 29, 2018 at 10:52 AM

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Newly acquired Browns linebacker Mychal Kendricks was today charged by the Feds with insider trading, according to U.S. Attorney William McSwain, who announced the charges at his office in Pennsylvania. He's charged along with Damilare Sonoiki, a writer for the TV show Black-ish who is also a Harvard-educated former investment banker.

According to prosecutors, Sonoiki passed along insider information on mergers and acquisitions to Kendricks between 2013 and 2015.

In exchange, Kendricks gave Sonoiki $10,000 and tickets to Eagles games.

Kendricks' lawyer, Michael Schwartz, told Philly.com that his client is expected to plead guilty .



He issued the following statement through the team:

“I would like to apologize. 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.

"Since the beginning of the investigation, I have fully cooperated with the authorities and will continue to do so. I accept full responsibility for my actions. Although I did not take any of the profits for myself, I am committed to repaying all of the funds gained illegally and accept the consequences of 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. 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. Thank you.”

The Browns' statement:

"We are aware of the situation and in communication with the league office as we gather more information. Mychal will not make the trip to Detroit. We will comment further at the appropriate time."

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