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Mychal Kendricks never bothered to deny his role in an insider trading scheme.
The former Philadelphia Eagles and Cleveland Browns linebacker admitted it in a public apology when he was charged, and he pleaded guilty on Thursday. That’s of no surprise because he had previously admitted publicly to his involvement, but his legal trouble is just starting.
According to Philly.com, Kendricks could get up to 25 years in prison when he’s sentenced in December.
In a crazy coincidence, Kendricks pleaded guilty in Philadelphia, where the Eagles were set to kick off the NFL season on Thursday night. The last time there was an NFL football game that counted, Kendricks started for the Eagles in their Super Bowl LII win.
Mychal Kendricks made $1.2 million off scheme
Kendricks’ football career seems like it is over, though his legal trouble is of a higher priority.
Federal prosecutors said Kendricks was involved in an insider trading scheme with Damilare Sonoiki, a Goldman Sachs analyst who also was a staff writer for the television show “Black-ish” and began working on “The Simpsons” this year, Philly.com said. Kendricks made $1.2 million off the scheme. According to Philly.com, Sonoiki’s lawyer said his client will also plead guilty.
Kendricks gave Sonoiki kickbacks for the stock advice, such as cash and Eagles tickets. In federal court on Thursday, Kendricks expressed remorse.
Kendricks: ‘I know I was wrong’
According to Philly.com, U.S. District Judge Gene E.K. Pratter asked Kendricks why he was pleading guilty.
“Because I know I was wrong,” he said. “I know that I made the decision to accept information, secret information, and it wasn’t the right thing to do.”
Kendricks also told the judge he was pleading guilty because “it’s the right thing to do.”
Philly.com, citing court documents, said Kendricks and Sonoiki met at a party in 2013, when Kendricks was a rookie with the Eagles. Over the next two years, Sonoiki provided Kendricks with advance notice of mergers and acquisitions through his job at Goldman Sachs. After that, Sonoiki left Goldman Sachs and became a television writer and producer.
Kendricks played with the Eagles through last season, but was released in the offseason. The Browns signed the veteran linebacker, but cut him shortly after Kendricks was charged with insider trading.
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