Aug 29, 2018

NFL linebacker charged with insider trading

Courtenay Brown

Cleveland Browns linebacker Mychal Kendricks on the sidelines. — Cleveland Browns linebacker Mychal Kendricks. Photo: Nick Cammett/Diamond Images/Getty Images.

Cleveland Browns linebacker Mychal Kendricks was indicted Wednesday on charges of insider trading.

Details: Kendricks allegedly traded on information given about upcoming mergers involving four companies: Compuware, Move, Sapient, and Oplink — generating around $1.2 million in illicit gains.

According to the complaint, then-Goldman Sachs analyst Damilare Sonoiki gave Kendricks the tips, and Kendricks provided around $10,000 in cash and NFL game tickets in return. Both men face up to 25 years imprisonment if convicted.

In a statement released by his lawyer, the former Philadelphia Eagles player apologized and said he "deeply" regrets his actions.
Both men are expected to plead guilty in the coming weeks, according to the Philadelphia Inquirer.
The Browns said in a statement that they are "aware of the situation" and that Kendricks would not travel with the team to the next preseason game. [Update: The Browns released Kendricks late Wednesday]
After quitting Wall Street, Sonoiki became a writer for the TV show Black-ish.

Add Axios on Google

NFL linebacker charged with insider trading

What to read next