Former NFL linebacker Mychal Kendricks, who had been charged with insider trading earlier this summer, plead guilty today and is facing prison time for his illegal activity. Kendricks, who left the Super Bowl champion Philadelphia Eagles this summer to join the Cleveland Browns, was released by the team shortly after he was charged.
Kendricks plead guilty to using inside information to enrich his stock portfolio, and additionally admitted to swapping cash, NFL tickets and access to parties with a Wall Street friend for the nonpublic market-moving information. Prosecution lawyers claim that Kendricks made $1.2 million profit in the course of his insider trading deals.
Kendricks was contrite and remorseful in court, making muted statements apologizing for his actions.
“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 awaits sentencing after his guilty plea.