Browns LB Kendricks charged with insider trading, issues apology

Cleveland Brown linebacker Mychal Kendricks apologized on Wednesday, shortly after he was hit with federal charges for insider trading.

US Attorney William M. McSwain, based in Philadelphia, announced the charges on Wednesday.

Kendricks, 27, admitted his part in the alleged scheme and said he's cooperating with authorities and paying back the approximately $1.2 million he profited.

"Four years ago, I participated in insider trading, and I deeply regret it," his statement reads, in part. "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."

"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," he added.

According to McSwain, former investment banker Damilare Sonoiki set up a bank account for Kendricks to access and received cash and other kickbacks in return for passing on insider knowledge to him.

"Within a year of beginning his employment at the investment bank, he was brazenly committing crimes," McSwain said, per NBC 10 in Philadelphia. "He is alleged to have passed material non-public info to an acquaintance, Mr. Kendricks."

"We are aware of the situation and in communication with the league office as we gather more information," the Browns said in a statement. "Mychal will not make the trip to Detroit. We will comment further at the appropriate time."

Kendricks was Philadelphia's 2012 second-round draft pick out of Cal. In six seasons with the Eagles, he appeared in 85 games (74 starts) and recorded 459 tackles, 14 sacks, three interceptions and six forced fumbles.

Last season, with the Eagles en route to the Super Bowl, Kendricks logged 77 tackles, two sacks and six passes defended. According to ESPN, he appeared in 60 percent of Philadelphia's defensive snaps in 2017.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)