NFL player Mychal Kendricks apologized Wednesday for his involvement in illegal insider stock trades, placing the linebacker’s career in jeopardy over the white collar crime.
The player’s lawyer, Michael Schwartz, said Wednesday that the Cleveland Browns player planned to plead guilty to federal charges announced earlier that day, the Philadelphia Inquirer reported.
Federal prosecutors alleged that Kendricks took part in stock investment deals four years ago that involved using insider information that resulted in huge profits for the athlete. Former investment banker Damilare Sonoiki, who reportedly was a writer for the sitcom Black-ish, was also chargde in the scheme.
“I apologize. Four years ago, I participated in insider trading, and I deeply regret it,” Kendrick confessed in a statement. “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.”
The Cleveland Browns announced Wednesday that the franchise is “aware of the situation” and in communication with NFL officials. The statement noted that Kendricks won’t travel with the team for an upcoming game.
The football player allegedly made $1.2 million in illegal profits by using information that was not made public. Sonoiki received $10,000 in kickbacks and gifts, such as football tickets, from Kendricks, according to CBS News Philadelphia.
Kendricks said he knew the deals were wrong, even though he didn’t understand fully how the scheme worked. He plans to continue cooperating with authorities.
“Although I did not take any of the profits for myself, I am committed to repaying all of the funds gained illegally and accept the consequences of my actions,” he added.
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Cleveland Browns’ Mychal Kendricks Jeopardizes NFL Career With Illegal Insider Stock Trades was originally published on newsone.com