Brother Of Vikings' Eric Kendricks Accused Of Insider Trading
MINNEAPOLIS (WCCO) -- The brother of Minnesota Vikings linebacker Eric Kendricks, Mychal Kendricks, has been accused of insider trading.
According to a report from CBS News, Cleveland Browns linebacker Mychal Kendricks and a former investment banker are facing insider trading charges.
The former Philadelphia Eagles member and Super Bowl champion is accused of using trading tips to make around $1.2 million in illegal profits on four major trading deals. The co-defendant, Damilare Sonoiki, allegedly paid $10,000 in kickbacks – as well as perks including tickets to Eagles games.
Kendricks' attorney released a statement where he admits wrongdoing:
"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," Kendricks said. "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."
The Browns say they are in communication with the league office and that Kendricks will not be in Detroit for the team's final preseason game.
