PHILADELPHIA (AP) — 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.
In this July 26, 2018, file photo, Cleveland Browns’ Mychal Kendricks is shown during an NFL football training camp in Berea, Ohio. 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. Kendricks says in a statement released by his lawyer Wednesday, Aug. 29, 2018, that he’s sorry and “deeply” regrets his actions.(AP Photo/Tony Dejak, File)
U.S. 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 IMBDprofile 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.
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