NFL players have evolved from DUIs to white collar crime.
Veteran linebacker Mychal Kendricks formerly of the Eagles and currently of the Browns is facing federal insider trading charges.
A statement from #Browns LB Mychal Kendrick, who has just been charged by the feds for insider trading. Wow. pic.twitter.com/0IEsV6lPTh
— Ian Rapoport (@RapSheet) August 29, 2018
Kendricks made nearly $1.2 million illegally by trading with insider knowledge ahead of four acquisition announcements thanks to Damilare Sonoiki, who’s also being charged. Sonoki, a former partner at a global investment bank received kickbacks from Kendricks including Eagles tickets and other perks in return for the information.
Sonoiki set up a bank account that Kendricks could access, according to investigators. Soon after they began their trading and used coded language in a text to disguise the initial $80,000 transfer into the account.
Kendricks paid Sonoiki in cash during in-person meetings, including one at Philadelphia’s 30th Street Station.
“Within a year of beginning his employment at the investment bank, he was brazenly committing crimes,” McSwain said. “He is alleged to have passed material non-public info to an acquaintance, Mr. kendricks.”
McSwain was joined by FBI and Securities and Exchange Commission officials at a news conference in Center City Wednesday morning.
“Mr. Kendricks and Mr. Sonoiki are alleged to have cheated the markets, cheated other investors and placed themselves above the law,” McSwain said.
