UPDATED 8:50 p.m. ET: Mychal Kendricks has been released by the Cleveland Browns, according to ESPN's Adam Schefter.
See original story below.
Cleveland Browns linebacker Mychal Kendricks and Black-ish writer Damilare Sonoiki have been charged for insider trading, according to the Philadelphia Inquirer. Kendricks, who previously played for the Eagles, is allegedly caught up in a $1.2 million scheme involving investments he made from 2013 to 2015. He is expected to plead guilty sometime in the near future.
Kendricks' attorney, Michael Schwartz, shared a statement from the athlete apologizing for the crime. Read it below:
Sonoiki, who was previously a Goldman Sachs analyst, was involved in four trades based on inside information with Kendricks. In exchange for the information from Sonoiki, Kendricks allegedly bribed the writer with cash, tickets to Eagles games, and visits with Teyana Taylor. It’s unclear if Taylor knew the details of the arrangement or trading.
U.S. Attorney William M. McSwain announced the charges on Wednesday. "When individuals engage in insider trading...it undermines the public's faith in our markets and harms ordinary investors that do play by the rules," McSwain said, according to the Inquirer.
Kendricks was released from the Eagles last year.