Mychal Kendricks, the former Philadelphia Eagles linebacker currently playing for the Cleveland Browns, was involved in insider trading, using tips given to him by Damilare Sonoiki, a television writer for Black-ish, according to federal prosecutors who charged both men. They could be looking at a substantial amount of prison time if convicted.
According to ESPN, over four years Kendricks and Sonoiki used insider tips to trade in stocks that netted some “$1.2 million in illegal profits on four major investments.”
“I would like to apologize,” Kendricks said in the statement released by his attorneys, viewed by ESPN. “Four years ago, I participated in insider trading, and I deeply regret it. 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.
“To this point, I had worked my tail off since I was 5 years old to become a football player. I was drawn in by the allure of being more than just a football player. 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.”
According to tweets from Jeremy Roebuck, a public corruption/white-collar crime reporter for the Philadelphia Enquirer, “Kendricks provided $10k in cash and Eagles tickets in exchange or stock information.” The former Philadelphia Eagles linebacker also secured Sonoiki access to a Teyana Taylor video shoot.
Kendricks’ apology also noted that he’s been cooperating with the authorities since the beginning of the investigation and “will continue to do so.” He also offered to payback the illegally obtained funds.
“I sincerely apologize to my coaches, the owners, and my teammates on the Eagles and the Browns, the NFL, and the magnificent fans to whom I owe my career,” Kendricks said in the statement. “I also apologize to my family, who I have failed in this. You all deserve better, and I will work my hardest to re-earn your trust and respect, serve as an advocate to educate others, and show you that I will never be involved in anything like this again.”