Cleveland Browns LB Mychal Kendricks Busted By Feds For Insider Trading

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

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.

NBC 10 Philadelphia

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.

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