Mychal Kendricks Charged With Insider Trading, Released

CLEVELAND — Linebacker Mychal Kendricks has been released by the Cleveland Browns after he was charged with insider trading. The charges stem from investments Kendricks made four years ago, when he was a member of the Philadelphia Eagles.

Kendricks is expected to plead guilty to the charges, philly.com reports. Damilare Sonoiki, a writer for TV's "Black-ish", will be charged with helping facilitate Kendricks' stock trades. Sonoiki was once a Goldman Sachs analyst.

The Browns initially said they were investigating the situation. "We are aware of the situation and in communication with the league office as we gather more information. Mychal will not make the trip to Detroit. We will comment further at the appropriate time." Before Wednesday was over, the team had released Kendricks.

Kendricks released a statement to the media, saying he regrets his actions.

"I apologize. 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 that point, I had worked my tail off since I was 5 years old to become the football player that I am today. 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.

Since the beginning of the investigation, I have fully cooperated with all of the authorities and will continue to do so. I accept full responsibility for my actions. 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.

"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. 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. Thank you for your time and hopefully your forgiveness."

(For more news like this, find your local Patch here. If you have an iPhone, click here to get the free Patch iPhone app; download the free Patch Android app here. And like Patch on Facebook!)

Photo by Ilya S. Savenok/Getty Images for Mercedes-Benz Fashion Week