A Star NFL LB Has Been Indicted On Insider Trading Charges

first_imgA Cleveland Browns helmet sitting on the field.PHILADELPHIA, PA – SEPTEMBER 11: A Cleveland Browns helmet rests on the field prior to the game against the Philadelphia Eagles at Lincoln Financial Field on September 11, 2016 in Philadelphia, Pennsylvania. The Eagles defeated the Browns 29-10. (Photo by Mitchell Leff/Getty Images)Here is a story you don’t see every day. Cleveland Browns linebacker Mychal Kendricks has been indicted on charges of insider trading.Kendricks was indicted along with ‘Black-ish’ TV writer Damilare Sonoiki, according to the Philly Inquirer’s Jeremy Roebuck. Sonoiki is a Harvard educated former investment banker who is accused with passing along inside information to Kendricks from 2013-15, according to US Attorney Bill McSwain.Kendricks is alleged to have provided cash and game tickets in exchange for the info.Kendricks allegedly provided $10K in catsh and Eagles tickets in exchange for the inside stock information.— Jeremy Roebuck (@jeremyrroebuck) August 29, 2018Kendricks released a statement on the matter moments ago. In it, he admits to improprieties.“Four years ago, I participated in insider trading, and I deeply regret it,” he said. “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.”A statement from #Browns LB Mychal Kendrick, who has just been charged by the feds for insider trading. Wow. pic.twitter.com/0IEsV6lPTh— Ian Rapoport (@RapSheet) August 29, 2018To say this is a bad look for Kendricks would be an understatement. However, it seems like he is willing to turn on Sonoiki, which could help reduce whatever punishment he will receive.Needless to say, the Browns probably did not expect this when they signed Kendricks to a one-year deal in June. The Eagles had released him in May after he requested a trade.Wonder if this story will be covered on next week’s episode of Hard Knocks.Update: The Browns have released a statement. Kendricks won’t play in the team’s final preseason game against the Detroit Lions.Our statement on LB Mychal Kendricks: pic.twitter.com/SJT4RPdo0o— Cleveland Browns (@Browns) August 29, 2018We’ll keep you posted as this story develops.last_img

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