Mychal Kendricks charged with insider trading

Browns linebacker Mychal Kendricks charged with insider trading

By Claudia Lauer | AP

Federal prosecutors in Philadelphia say Cleveland Browns linebacker Mychal Kendricks used insider trading tips from an acquaintance to make about $1.2 million in illegal profits on four major trading deals. Kendricks says in a statement released by his lawyer Wednesday, Aug. 29, 2018, that he’s sorry and “deeply” regrets his actions. | Yong Kim/The Philadelphia Inquirer via AP

PHILADELPHIA — Cleveland Browns linebacker Mychal Kendricks has been charged with using insider trading tips from an acquaintance to make about $1.2 million in illegal profits on four major trading deals, federal prosecutors announced Wednesday.

Co-defendant Damilare Sonoiki was paid $10,000 in kickbacks in the scheme from 2014-2015, as well as perks like tickets to Philadelphia Eagles games and tagging along to a music video shoot or nightclub appearances, said U.S. Attorney William McSwain. Kendricks played for the Eagles before signing with the Browns in June.

Sonoiki had been working as a junior analyst at an unnamed investment bank in New York, prosecutors said. An IMD B profile lists him as a writer on the popular TV series “Black-ish” as well as other movies and TV shows.

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