The Cleveland Browns probably thought they got a steal this offseason when they landed linebacker Mychal Kendricks for one year, $3.5 million. But Kendricks’ future with the team is very murky after U.S. Attorney William McSwain announced Wednesday that Kendricks (and “Black-ish” writer Damilare Sonoiki) have been charged with insider trading.
Kendricks allegedly made $1.2 million off tips and traded cash and Eagles tix for the information:
NEW: US attorney announces insider trading charges against Cleveland Browns player Mychal Kendricks, alleging Kendricks profited $1.2M and provided $10k cash and Eagles tickets in exchange for information; Kendricks formerly played for the Philadelphia Eagles. pic.twitter.com/22kgC7Jmg0
— NBC News (@NBCNews) August 29, 2018
The former Eagle released a statement shortly after the charges came in and admitted to participating in insider trading (via Ian Rapoport):
“I would like to 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 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.
Since the beginning of the investigation, I have fully cooperated with 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.”
The Browns didn’t have much to say about the incident other than Kendricks won’t be making the trip to the Detroit, obviously:
— Mary Kay Cabot (@MaryKayCabot) August 29, 2018
Cleveland.com’s Mary Kay Cabot reports the Browns knew Kendricks was caught up in a federal investigation when they signed him, but his camp allegedly downplayed the serious nature of it.
Mychal Kendricks is done in Cleveland. What a ride it was.
We've released LB Mychal Kendricks
— Cleveland Browns (@Browns) August 30, 2018