Former NFL Star Indicted
PHILADELPHIA -- Cleveland linebacker Mychal Kendricks has been charged with insider trading.
U.S.. attorney William McSwain announced in Center City, Philadelphia, on Wednesday.
"We are here today to announce criminal charges of insider trading against Damilare Sonoiki, a former associate at a global investment bank with headquarters in New York City and currently a resident of California. And Mychal Kendricks, the former Philadelphia Eagles linebacker and current member of the Cleveland Browns," said McSwain.
"As alleged in the criminal information filed earlier today, Mr. Sanoiki and Mr. Kendricks were definitely not playing by the rules. Each has been charged with one count of conspiracy to commit securities fraud," he added.
Kendrick issued a statement shortly after the charges were announced saying he accepts full responsibility and "knew it was wrong."
Authorities said Sonoiki, who later wrote for TV series Blackish gave non public information on corporate mergers to Kendricks, who prosecutors said used that information to make more than a million dollars in profits.
Authorties said Kendricks have Sonoiki a variety of gifts for tips including money and football tickets.
As for Kendricks' future with the Cleveland Browns. the team announced Thursday night it has cuts all ties with him.