CLEVELAND, OH. (THECOUNT) — Cleveland Browns linebacker Mychal Kendricks is facing federal charges after admitting to insider trading several years ago.
Kendricks made more than $1 million by trading before four acquisitions were announced, Department of Justice and FBI officials said during a news conference on Wednesday.
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“I would like to 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,” Kendricks said.
“To this point, I had worked my tail off since I was 5 years old to become a football player. 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.” source
He said he is cooperating with the investigation.
Developing.