Browns cut LB Mychal Kendricks after insider trading charges
The Cleveland Browns cut linebacker Mychal Kendricks on Wednesday after the seventh-year veteran was charged with insider trading by federal prosecutors.
Kendricks, 27, reportedly earned almost $1.2 million in illicit profits on four investments totaling $80,000 he made in 2014. Insider trading refers to the practice of buying or selling a company’s securities (like stocks or bonds) after receiving access to nonpublic information about said firm.
The linebacker — who signed a one-year deal with the Browns in June — spent his first six seasons with the Philadelphia Eagles, whom he helped lead to a Super Bowl victory in February. The Eagles released Kendricks in May, and allegedly knew that he was under investigation before they cut him.
Kendricks also appeared on HBO’s Hard Knocks this week, and made several pointed remarks in which he criticized a few of his former Eagles teammates.
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Kendricks issued an apology in a statement read by U.S. Attorney William McSwain, who said the NFL star acknowledges “full responsibility for my actions” and that he “deeply regrets” what he did. All signs point to a guilty plea by Kendricks.
Television writer Damilare Sonoiki, a former Goldman Sachs analyst, was also reportedly charged for aiding the linebacker with his investments.
According to some NFL reporters, Kendricks could face a suspension or other punishment from the NFL for violating its personal conduct policy. He could also potentially serve up to a year in prison.
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