Cleveland Browns linebacker Mychal Kendricks was indicted by the federal government on insider trading charges Wednesday morning.
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.
Kendricks, who spent the first six seasons of his career with the Philadelphia Eagles before signing with the Browns this offseason, released the following statement, admitting to having participated in insider trading:
"I would like to 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 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.
"Since the beginning of the investigation, I have fully cooperated with the authorities and will continue to do so. I accept full responsibility for my actions. Although I did not take 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 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."
According to Jeremy Roebuck of The Philadelphia Inquirer, Sonoiki was allegedly passing insider information to Kendricks, including alerts on mergers and acquisitions, over a three-year period.
In exchange, Kendricks allegedly provided Sonoiki with $10,000 and tickets to Eagles games. The two allegedly made nearly $1.2 million in the scheme.
On Wednesday morning, the Browns released a statement on Twitter revealing Kendricks will not make the trip to Detroit for the team's preseason finale against the Lions on Thursday.
"We are aware of the situation and in communication with the league office as we gather more information," the statement read. "Mychal will not make the trip to Detroit. We will comment further at the appropriate time."
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