Former Philadelphia Eagles Linebacker Mychal Kendricks has been cut from his new team following charges against the NFL athlete. On Wednesday, Kendricks was charged for insider trading by the FBI. Hours later, the Super Bowl-winning athlete was released by the Cleveland Browns. Kendricks had signed a 1-year $3.5 million deal with the Browns.
According to reports, Kendricks allegedly profited more than $1 million “by using material non-public information from [Damilare] Sonoiki, a banker at a global investment firm, to make investments during the period of July 2014 to March 2015,” according to NFL.com. Kendricks was a member of the Philadelphia Eagles during the time of the accusations. Reports say that Kendricks offered Sonoiki tickets to Eagles games in exchange for the inside information.
“Prior to signing Mychal, we were informed that there was a financial situation that he had been involved within 2014,” Browns General Manager John Dorsey said in a statement. “We were told Mychal had fully cooperated with investigators as a victim… Recently, we were provided an update on the matter and the circumstances have changed. We are now dealing with a different set of facts and the additional information we’ve gathered has led us to the decision to release Mychal from our team.”
In a public statement, Kendricks claimed responsibility for the crimes alleged against him and offered to repay the money he made through insider trading. “Four years ago, I participated in insider trading and I deeply regret it,” Kendricks said in the statement. “While I didn’t fully understand all of the details of illegal trades, I knew it was wrong and I wholeheartedly regret my actions.”
— Ian Rapoport (@RapSheet) August 29, 2018
If convicted, Kendricks could serve a maximum 25 years in prison and a fine of more than $5 million.