The Latest: Browns release Kendricks after trading charges
PHILADELPHIA (AP) — The Latest on Mychal Kendricks, the NFL linebacker charged with insider trading Wednesday and later released by the Cleveland Browns (all times local):
Cleveland Browns linebacker Mychal Kendricks was released by the team Wednesday night, hours after being charged by federal prosecutors with insider trading.
Kendricks signed a one-year contract with the Browns in June after winning a Super Bowl title last season with the Philadelphia Eagles.
Earlier, U.S. Attorney William M. McSwain said Kendricks made approximately $1.2 million profit off illegal, nonpublic information in four separate major deals. Kendricks issued a statement admitting his guilt and apologizing. He expressed regret and accepted “full responsibility” for his actions.
Kendricks did not travel with the Browns for their Thursday night exhibition finale in Detroit, and the team decided to part ways with the 27-year-old after arriving in Michigan.
Kendricks is facing possible prison time and further discipline from the NFL for violating its personal conduct policy.
— Tom Withers reporting from Cleveland.
Federal prosecutors in Philadelphia say Cleveland Browns linebacker Mychal Kendricks used insider trading tips from an acquaintance to make about $1.2 million in illegal profits on four major trading deals.
United States Attorney William McSwain says co-defendant Damilare Sonoiki was paid $10,000 in kickbacks as well as perks like tickets to Philadelphia Eagles games. Kendricks played for the Eagles before signing with the Browns in June.
Prosecutors say Sonoiki was a trader at an unnamed firm. An IMBD profile lists him as a writer on the popular TV series “Black-ish” as well as other movies and TV shows.
Kendricks says in a statement released by his lawyer Wednesday that he’s sorry and “deeply” regrets his actions.
He says he “didn’t fully understand all of the details of the illegal trades.”
A message seeking comment from the federal defender representing Sonoiki wasn’t immediately returned.
NFL spokesman Brian McCarthy says the league is reviewing the situation.