Speaking of poor decision making; Mychal Kendricks
Brother of Vikings player Eric Kendricks charged with insider trading
Kendricks, who signed a one-year contract with the Browns in June after winning a Super Bowl title last season with the Eagles, allegedly used tips from an acquaintance to make about $1.2 million in illegal profits on four major trading deals, federal prosecutors said.
The 27-year-old issued a statement earlier in the day admitting to his guilt and apologizing. He expressed regret and accepted "full responsibility" for his actions.
However, the Browns decided after learning more about the case that they couldn't go forward with Kendricks, who was going to start for the team. The Browns issued a statement after traveling to Detroit for Thursday night's exhibition finale against the Lions. Kendricks did not make the trip.
"Prior to signing Mychal, we were informed that there was a financial situation that he had been involved with in 2014," Browns general manager John Dorsey said. "We were told Mychal had fully cooperated with investigators as a victim. From what was communicated at that time and based on the numerous questions we asked and further due diligence on our part, including checking with the league office, there was no information discovered that conveyed otherwise.
"Recently, we were provided an update on the matter and the circumstances have changed. We are now dealing with a different set of facts and the additional information we've gathered has led us to the decision to release Mychal from our team."
Kendricks is facing possible prison time and further discipline from the NFL for violating its personal conduct policy.
NFL spokesman Brian McCarthy said the league is reviewing the situation.
Prosecutors allege his co-defendant, Damilare Sonoiki, was paid $10,000 in kickbacks in the scheme from 2014-2015, as well as perks like tickets to Eagles games and tagging along to a music video shoot or nightclub appearances, said U.S. Attorney William McSwain.
Sonoiki had been working as a junior analyst at an unnamed investment bank in New York, prosecutors said. An IMDB profile lists him as a former writer on the popular TV series "Black-ish" as well as other movies and TV shows.
In a statement released by his lawyer, Kendricks said he was sorry and takes full responsibility for his actions.
"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," he said in the statement. He also claimed he didn't take any of the profits for himself but didn't elaborate on where the money went. I am committed to repaying all of the funds gained illegally and accept the consequences of my actions."
Kendricks said he has been cooperating with authorities since the investigation began.
Hurry-up Vikings, we ain't getting any younger!
Joseph P. Kennedy did it all the time. How else do you think he got rich. Insider trader and bootlegging!
Sorry about your brother Eric, but daamn am I glad we dodged that bullet...
Its only a problem if someone other than a washington DC insider does it.
Turned 80,000 into $1.2 million in like 5 months? LMAO, yeah that gets noticed.
@"StickyBun" said: Turned 80,000 into $1.2 million in like 5 months? LMAO, yeah that gets noticed.
Not to mention the cap gains hit you'd take when selling off. Daaaamn.... ;)
I didn't see he was cut from the Browns. Wow, did his life change in a hurry.
Wasn't it suggested here that we should have drafted him? Or he was choosing between us and some other team? I just remember talk about him coming here. Phew - dodged that bullet!
I wish I could say I understand the in and outs, do and don'ts of investing. I'll just remember the old saying. Easy money is easily lost.
@"suncoastvike" said: I wish I could say I understand the in and outs, do and don'ts of investing. I'll just remember the old saying. Easy money is easily lost.He wouldn't be the first player to make unwise financial choices. I feel for these guys to some extent. So much money so fast, and they have to try and figure out what to do with it, who to trust and not blow it all.
The "who to trust" seems to be the most difficult because they are known rich guys with little financial insight. I for one think his apology seemed sincere and chalk it up to putting a small amount into an investment option without knowing exactly what it was. Guess it would have been better to squander it on cars and women?
@"greediron" said:@"suncoastvike" said: I wish I could say I understand the in and outs, do and don'ts of investing. I'll just remember the old saying. Easy money is easily lost. He wouldn't be the first player to make unwise financial choices. I feel for these guys to some extent. So much money so fast, and they have to try and figure out what to do with it, who to trust and not blow it all.The "who to trust" seems to be the most difficult because they are known rich guys with little financial insight. I for one think his apology seemed sincere and chalk it up to putting a small amount into an investment option without knowing exactly what it was. Guess it would have been better to squander it on cars and women?
I kinda agree. I don't know this story well. He was 1st talked to as a victom or maybe just person of interest thing. Then he became the criminal. I wonder, without knowing I admit, was he savy enough to pull this off? Or was he more guilty of just not saying no to too good a thing.
@"suncoastvike" said:@"greediron" said:@"suncoastvike" said: I wish I could say I understand the in and outs, do and don'ts of investing. I'll just remember the old saying. Easy money is easily lost. He wouldn't be the first player to make unwise financial choices. I feel for these guys to some extent. So much money so fast, and they have to try and figure out what to do with it, who to trust and not blow it all.The "who to trust" seems to be the most difficult because they are known rich guys with little financial insight. I for one think his apology seemed sincere and chalk it up to putting a small amount into an investment option without knowing exactly what it was. Guess it would have been better to squander it on cars and women?
I kinda agree. I don't know this story well. He was 1st talked to as a victom or maybe just person of interest thing. Then he became the criminal. I wonder, without knowing I admit, was he savy enough to pull this off? Or was he more guilty of just not saying no to too good a thing.
Sounds like he cooperated fully as well. So maybe more than just not saying no as the free tickets sort of point to. But I would say he is partially a victim of financial fraud as much as he is a criminal.
@"StickyBun" said: Turned 80,000 into $1.2 million in like 5 months? LMAO, yeah that gets noticed.If anyone has ever heard of Fortnite in the past couple months, you know this statement is damn true!
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