Report: Linebacker Mychal Kendricks Pleads Guilty to Insider Trading
Linebacker Mychal Kendricks pleaded guilty to leveraging insider stock tips to boost his financial portfolio and faces up to 25 years in prison when he is sentenced in December, reports the Philadelphia Inquirer.
Kendricks and Goldman Sachs analyst turned Black-ish TV writer Damilare Sonoiki were indicted Aug. 29 on insider trading charges pertaining to investments made four years ago.
The judge asked Kendricks, who was released by the Browns after he indicted, why he chose to plead guilty.
"Because I know I was wrong," he said, according to the Inquirer. "I know that I made the decision to accept information, secret information, and it wasn't the right thing to do."
Kendricks reportedly made a profit of about $1.2 million by paying Sonoiki in cash as well as with Eagles tickets. According to the Inquirer, Sonoiki will also plead guilty.
After recording 77 combined tackles and two sacks for the Eagles last season, Kendricks was released in May. He was taken by Philadelphia in the second round of the 2012 NFL draft. He signed with the Browns during the offseason.
