Cleveland Browns linebacker Mychal Kendricks has been charged with insider trading, with an official announcement from U.S. Attorney William McSwain coming on Tuesday detailing the charges.
Kendricks released a statement shortly after the announcement saying he accepts “full responsibility for my actions” and that he “knew it was wrong.”
“I would like to apologize,” Kendricks said in a 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.”
McSwain said both Kendricks and Damilare Sonoiki, a television writer who has been charged with assisting Kendricks, face “substantial prison time” if convicted.
“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.”
Kendricks allegedly made a profit of nearly $1.2 million via four separate investments tied to insider trading around four years ago.