The Cleveland Browns have released linebacker Mychal Kendricks after he was charged Wednesday with insider trading by federal prosecutors to make nearly $1.2 million in illegal profits on four major investments four years ago.
Mychal Kendricks Has Been Indicted on Insider Trading Charges #NFL #Browns
https://t.co/76sWVskyLn— SportsGossip.com (@sportsgossip) August 30, 2018
In a statement, the Browns said they were aware of Kendricks’ involvement prior to signing him to a one-year deal in June, but “circumstances have changed” and the team has elected to release him.
We've released LB Mychal Kendricks
Details>>https://t.co/7rtaA2bRc7 pic.twitter.com/rp40lkUxe5
— Cleveland Browns (@Browns) August 30, 2018
Kendricks, 27, said he has cooperated with the authorities and “will continue to do so.” He also said he would repay all of the illegally gained funds.
Kendricks spent his first six seasons with the Eagles before being released by Philadelphia in May.
“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.”
According to prosecutors, Sonokoi is a former investment banking analyst at a large investment bank who tipped Kendricks to four corporate acquisitions from the bank from July 2014 to November 2014.
In exchange for the illegal tips, prosecutors say Kendricks gave Sonoiki $10,000 in cash kickbacks, along with additional perks such as tickets to Eagles games and a luxury car service.