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August 30, 2018Hours after he was charged with (and admitted to) insider trading, the Cleveland Browns have released linebacker Mychal Kendricks, the team announced Wednesday night.
“Prior to signing Mychal, we were informed that there was a financial situation that he had been involved with in 2014,” general manager John Dorsey’s statement mentioned following the termination of Kendricks’ contract. “We were told Mychal had fully cooperated with investigators as a victim. From what was communicated at that time and based on the numerous questions we asked and further due diligence on our part, including checking with the league office, there was no information discovered that conveyed otherwise.
“Recently, we were provided an update on the matter and the circumstances have changed. We are now dealing with a different set of facts and the additional information we’ve gathered has led us to the decision to release Mychal from our team. Due to the ongoing legal nature of this situation, we will have no further comments.”
Kendricks, along with Black-ish TV writer Damilare Sonoiki, were charged with one count of conspiracy to commit securities fraud and one count of securities fraud, per U.S. Attorney William McSwain. The linebacker allegedly profited nearly $1.2 million by using non-public information from Sonoiki on four major investments four years ago. In return, Kendricks gave him $10,000, tickets to Eagles games, and luxury car service.
Kendricks released a statement Wednesday afternoon regarding the matter.
“I 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 that point, I had worked my tail off since I was 5 years old to become the football player that I am today. 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 all of 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 for your time and hopefully your forgiveness.”
Expected to be part of one of the Browns’ best position groups and a deep linebacker unit, Kendricks was likely to receive plenty of playing time as one of the team’s newest signees. He brought over plenty of experience, talent, and even a Super Bowl ring, which he won in Philadelphia last season.
If he’s convicted, Kendricks could face a maximum of 25 years in prison and an over $5 million fine in addition to losing all the money he made by using insider trading.