Browns LB Mychal Kendricks charged with insider trading

CLEVELAND — Newly signed Cleveland Browns linebacker Mychal Kendrick’s has apologized for insider trading. The former Philadelphia Eagle was charged Wednesday by federal officials.

After U.S. Attorney William McSwain made the announcement of Kendrick’s charge the linebacker released his own statement admitting to the accusation, taking responsibility and apologizing.

Kendrick’s was working with television writer, Damilare Sonoiki who has also been charged for assisting him. Over a span of four years Kendrick’s allegedly made $1.2 million from four separate investments.

Here’s what Kendrick’s has to say.

“I would like to apologize,” Kendricks said in his statement which was released by 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.”

He continued his statement with the following.

“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.”

The Cleveland Browns responded with a short statement simply saying they were “aware of the situation and in communication with the league office.”

Kendrick’s finished his statement with this.

“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,”
he continued and finished with an apology.

“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.”

ESPN also stated in their report on the situation that he will not travel with the team to Detroit for the Browns last preseason game, Thursday. Kendrick’s has been cooperative and has acknowledged he will repay all funds he made illegally.