CLEVELAND, OH (WOIO) –
Cleveland Browns linebacker Mychal Kendricks has been charged with insider training by the US attorney in Philadelphia.
According to investigators, from July 2014 to approximately March 2015, Sonoiki and Kendricks conspired together to commit securities fraud.
At the time, Sonoki was a junior analyst at a global investment bank in New York. He provided non-public information to Kendricks regarding upcoming mergers involving four investment bank clients of the global investment bank.
Kendrick released a statement early Wednesday morning explaining the situation and admitting fault:
“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.”
The Browns caught wind of the news and said Kendricks won’t travel with the team for the final preseason game against the Detroit Lions.
Kendricks is a 7-year NFL vet, and a recent pickup for the Browns from the Philadephia Eagles.
He has a total of 458 tackles 6 interceptions and 14 sacks on his career.
According to Jeremy Roebuck of The Philadelphia Inquirer, “Black-ish” TV writer Damilare Sonoiki was also indicted in the case.
Allegedly Sonoki was passing insider information to Kendricks over a three-year period.
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