Cleveland Browns Mychal Kendricks, 27, pleads guilty to insider trading after generating $ 1.2 million in illegal profits at software firms and now the Super Bowl champion faces 25 years in jail
- Mychal Kendricks, 27, used advice from his friend Damilare Sonoiki to get $ 1.2 million in illegal profits between 2013 and 2015
- Now he will be sentenced on December 18 and faces 25 years in prison
- Sonoiki worked at Goldman Sachs at that time and received $ 100,000 in bribes, as well as benefits such as soccer tickets, claims prosecutors
- Kendricks won the Super Bowl with the Philadelphgia Eagles earlier this year and then was traded to the Cleveland Browns, who cut him after he was charged
Former Cleveland Browns linebacker Mychal Kendricks pleaded guilty to insider trading charges Thursday and faces up to 25 years in prison.
Kendricks, who signed a one-year contract with the Browns in June after winning a Super Bowl title last season with the Philadelphia Eagles, used tips from an acquaintance to get about $ 1.2 million in illegal winnings in four major trade deals, Federal prosecutors said.
The Browns released him from the team on August 29, after the charges were filed.
Cut-out wings: Mychal Kendricks, 27, used advice from his friend Damilare Sonoiki to win $ 1.2 million in illegal earnings between 2013 and 2015 (Kendricks up during Super Bowl media week in February)
Scheme: Sonoiki worked at Goldman Sachs at that time and received $ 100,000 in bribes, as well as benefits such as soccer fines claim from prosecutors
US District Judge Gene E.K. Pratter asked Kendricks why he admitted his guilt on Thursday after declaring his guilty plea.
"I'm making the decision because it's the right thing to do," he said, according to The Philadelphia Inquirer.
"I know that I made the decision to accept information, secret information, and it was not the right thing to do."
Prosecutors allege that their co-defendant, Damilare Sonoiki, was paid $ 10,000 in bribes in the 2014-2015 plan, as well as benefits such as tickets to the Eagles games and the opportunity to accompany a music video or nightclub appearances. .
Sonoiki had worked as a junior analyst at Goldman Sachs, but left the financial field and has recently been writing for television shows.
The Sonoiki lawyer told the Inquirer in an email that his client would also plead guilty, but no date has been set.
Kendricks' sentence is scheduled for December 18.