Browns LB Mychal Kendricks could face prison time for insider trading
Last night, Mychal Kendrick was taking shots at this old teammates like Nick Foles, and Zach Ertz on Hard Knocks and today he is taking a shot from the Feds.
Cleveland Browns linebacker Mychal Kendricks has apologized after being charged Wednesday with insider trading by federal prosecutors to make nearly $1.2 million in illegal profits on four major investments four years ago.
This is the same crime that Martha Stewart committed that placed her in a federal prison for five months.
Damilare Sonoiki, a television writer, is also being charged with Kendricks.
The U.S. Attorney for the District Court of Eastern Pennsylvania, said both Kendricks and Sonoiki face “substantial prison time” if convicted.
“I would like to apologize,” Kendricks said in the statement released by his 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.
“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.”
Kendricks released this statement:
“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,” Kendricks said in the statement. “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.”