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Former NFL linebacker Mychal Kendricks faces serious jail time after pleading guilty to insider trading on Thursday.
The 27-year-old, who won the Super Bowl with the Eagles last season, now faces up to 25 years in prison following his plea. Philadelphia Inquirer. Kendricks will learn his fate at his conviction hearing in December.
During his plea, Kendricks was asked if he understood why he was pleading guilty.
"Because I know I was wrong," said Kendricks, via the Inquirer. "I know that I made the decision to accept information, secret information and that it was not the right thing to do."
According to court documents, Mr. Kendricks managed to turn an investment of $ 80,000 into nearly $ 1.2 million in profits, as he received insider advice from Damilare Sonoiki, the author of the television "Black ish. " In two years, Sonoiki provided Kendricks with information that allowed him to make significant profits on stock options. Basically, Sonoiki gave Kendricks an overview of four different companies that were going to merge with another company, and Kendricks would buy stock options before the precious mergers would happen.
August 29, American lawyer William M. McSwain announced that both Kendricks and Sonoiki have been indicted on a count of conspiracy to commit securities fraud and a charge of securities fraud. Kendricks was playing for the Browns on the day of his indictment.
After the publication of the indictment, Kendricks issued a statement in which he immediately apologized for the role he played in the project.
"I would like to apologize: Four years ago, I participated in insider trading, and I deeply regret it," wrote Kendricks. "I have invested money with an old friend who I thought I could trust and whom I admire a lot.His experience as a Harvard graduate and Goldman Sachs employee m & # 39; gave a false sense of confidence.I am not a simple football player, but I did not understand all the details of the illegal trades, I knew it was wrong, and I wholeheartedly regret my actions. "
Despite the excuses, the Browns still decided to break up with him just hours after learning the charge. Kendricks was in the team only since June. Although it seems that Kendricks has let the Browns know some details of the situation before his signing in June, it seems that he has misled the team. According to General Manager John Dorsey, Kendricks is painted as a victim in the case.
"Before signing Mychal, we were informed that there was a financial situation with which he had been involved in 2014," Dorsey said in a statement. "We were told that Mychal had fully cooperated with the investigators as a victim."
With his time in Cleveland now, there's a good chance Kendricks played his last game of NFL football. If he is sentenced to a long prison term, it will be virtually impossible for the 27 year old to return to the field.
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