NFL linebacker charged with insider trading
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.