The Cleveland Browns terminated their contract with Linebacker Mychal Kendricks, Wednesday evening.

Kendricks' release comes to just hours after he was indicted on insider trading charges.

Kendricks and a former associate -- "Black-ish" TV writer Damilare Sonoiki -- were each charged with one count of conspiracy to commit securities fraud and one count of securities fraud.

In a statement released today, Kendricks owned up to the act, and expressed his regret.

He also said that he did not take any of the profits.

Browns General Manager, John Dorsey issued the following statement following Kendricks' release:

Prior to signing Mychal, we were informed that there was a financial situation that he had been involved with in 2014. We were told Mychal had fully cooperated with investigators as a victim. From what was communicated at that time and based on the numerous questions we asked and further due diligence on our part, including checking with the league office, there was no information discovered that conveyed otherwise.

Recently, we were provided an update on the matter and the circumstances have changed. We are now dealing with a different set of facts and the additional information we’ve gathered has led us to the decision to release Mychal from our team. Due to the ongoing legal nature of this situation, we will have no further comments.

Kendricks says he is cooperating with investigators and accepts the consequences of his actions.

Kendricks at this point has only been accused and has not been convicted of a crime at this point.