Federal authorities announced Wednesday that Cleveland Browns linebacker Mychal Kendricks and television writer/producer Damilare Sonoiki have been indicted on insider trading charges.
U.S. Attorney William M. McSwain said in a news conference that Kendricks allegedly received non-public information about corporate mergers in 2014 from Sonoiki, who was an employee at Goldman Sachs at the time. Kendricks then used that information to invest in the companies that were about to be acquired, McSwain said, and made approximately $1.2 million in profit.
Authorities allege that Kendricks then gave Sonoiki, who later left the bank and became a writer for the ABC series "Black-ish," a series of kickbacks ranging from cash to tickets to NFL games. Kendricks played for the Philadelphia Eagles at the time.
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In a statement through his attorney provided to USA TODAY Sports, Kendricks admitted to participating in insider trading and apologized to the Browns, Eagles and NFL.
"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," Kendricks said in part of the statement.