PHILADELPHIA (AP) — Federal prosecutors in Philadelphia say Cleveland Browns linebacker Mychal Kendricks used insider trading tips from an acquaintance to make about $1.2 million in illegal profits on four major trading deals.
U.S. Attorney William McSwain says co-defendant Damilare Sonoiki was paid $10,000 in kickbacks as well as perks like tickets to Philadelphia Eagles games. Kendricks played for the Eagles before signing with the Browns in June.
Prosecutors say Sonoiki was a trader at an unnamed firm. An IMBD profile lists him as a writer on the popular TV series “Black-ish” as well as other movies and TV shows.
Kendricks says in a statement released by his lawyer Wednesday that he’s sorry and “deeply” regrets his actions.
He says he “didn’t fully understand all of the details of the illegal trades.”
A message seeking comment from the federal defender representing Sonoiki wasn’t immediately returned.
NFL spokesman Brian McCarthy says the league is reviewing the situation.
More AP NFL: http://apnews.com/tag/NFL and http://twitter.com/AP_NFL