Mychal Kendricks charged with insider trading

Cleveland Browns linebacker Mychal Kendricks has been in the news lately for his comments about his former team, the Philadelphia Eagles. Now Kendricks is making headlines for an entirely different reason.

Kendricks has been charged for insider trading, according to federal authorities.

Wow.

Kendricks released a public statement in response to the news:

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. 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.

Since the beginning of the investigation, I have fully cooperated with authorities and will continue to do so. I accept full responsibility for my actions. Although I did not take any of the profits for myself, I am committed to repaying all of the funds gained illegally and accept the consequences of my actions.

I sincerely apologize to my coaches, the owners, and my teammates on the Eagles and the Browns, the NFL, and the magnificent fans to whom I owe my career. I also apologize to my family, who I have failed in this. You all deserve better, and I will work my hardest to re-earn your trust and respect, serve as an advocate to educate others, and show you that I will never be involved in anything like this again. Thank you.

The Browns also released a statement on Kendricks.

We are aware of the situation and in communication with the league office as we gather more information. Mychal will not make the trip to Detroit [for Cleveland’s fourth preseason game.] We will comment further at the appropriate time.

It’s unclear exactly how this will impact Kendricks’ career moving forward. It’s been speculated that he could face punishment under the league’s personal conduct policy. Not to mention any legal charges coming his way.

The Eagles released Kendricks, whom they originally drafted back in 2012, earlier this offseason. He then signed a one-year, $2.25 million deal ($500,000 fully guaranteed) with the Browns.

Stay tuned for more updates on this developing story.