Former Philadelphia Eagles linebacker, and current member of the Cleveland Browns, Mychal Kendricks has been indicted for insider trading that took place during his time in Philly.
Kendricks has already released an apology via his attorneys, in which he admitted to the crimes and says he knew it was wrong but didn't fully understand the details of his actions. Kendricks allegedly made a profit of nearly $1.2 million from investments tied to insider trading.
"I would like to apologize," Kendricks said in a statement released by his attorneys. "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."
Additionally, "Black-ish" TV writer Damilare Sonoiki, who is a former partner at a global investment bank, has been charged with assisting Kendricks in his investments, according to multiple reports. Philadelphia-based U.S. Attorney William M. McSwain told reporters today (H/T NBC Philadelphia), "Within a year of beginning his employment at the investment bank, he [Sonoik] was brazenly committing crimes. He is alleged to have passed material non-public info to an acquaintance, Mr. Kendricks."
NBC Philadelphia reports:
"Sonoiki set up a bank account that Kendricks could access, according to investigators. Soon after they began their trading and used coded language in a text to disguise the initial $80,000 transfer into the account."
"Kendricks paid Sonoiki in cash during in-person meetings, including one at Philadelphia's 30th Street Station."
The Browns released the following statement in wake of today's report: "Mychal will not make the trip to Detroit. We will comment further at the appropriate time."
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