"His background as a Harvard graduate and an employee of Goldman Sachs gave me a false sense of confidence."
From CBS Sports:
Browns LB Mychal Kendricks admits to federal charges of insider trading
U.S. attorney Bill McSwain announced Kendricks had made illegal investments while playing in the NFL
Cleveland Browns linebacker Mychal Kendricks may have ruffled some feathers in Philadelphia this week when his latest comments on HBO's "Hard Knocks" highlighted perceived weaknesses in some of his former Eagles teammates.
But Kendricks appears to have much bigger concerns now.
Less than 24 hours after his appearance on "Hard Knocks," the Super Bowl LII champion has been charged by federal authorities with insider trading, as U.S. attorney William McSwain announced in Center City, Philadelphia, on Wednesday. Tied to illegal investments he made in 2014, when he was still playing for the Eagles, the charges are likely to precede a guilty plea by the linebacker, as The Philadelphia Inquirer's Jeremy Roebuck reported.
TV writer and former Goldman Sachs analyst Damilare Sonoiki was "brazenly passing along insider information," including heads-ups on stock mergers and acquisitions, to Kendricks from 2013 to 2015," Roebuck reported via Twitter. In exchange for the inside information, Kendricks allegedly provided $10,000 in cash and Eagles tickets to Sonoiki.
Kendricks himself has already admitted to wrongdoing, releasing a statement via his attorney:
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.
Kendricks' charges fall in "uncharted waters" for the NFL, according to Fox Sports' Jay Glazer, who suggested Wednesday that the veteran's violations "could fall under" the league's personal conduct policy.
The Browns, meanwhile, who signed Kendricks in June, have released a statement of their own, saying they "are in communication with the league office" and that "Mychal will not make the trip to Detroit" for the Browns' final preseason game this week.