Cleveland Browns release LB Mychal Kendricks

BY LEAH WILLIAMS
Posted on JAN 31, 2019

Illegal insider trading activities have resulted in the release of Browns' linebacker Mychal Kendricks.

The Cleveland Browns release linebacker Mychal Kendricks following charges of insider trading, the team announced Wednesday.

General manager John Dorsey released a statement on the team's decision, noting "circumstances have changed" from when he signed with Cleveland in the offseason, via Daryl Ruiter of 92.3 The Fan.
"Prior to signing Mychal, we were informed that there was a financial situation that he had been involved within 2014. 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," Dorsey said.

Kendrick allegedly made about $1.2 million "by trading ahead of four acquisition announcements" and has been charged with "conspiracy to commit securities fraud and committing securities fraud," per Alicia Victoria Lozano of NBC Philadelphia.

He faces a maximum prison sentence of 25 years as well as a $5.25 million fine.

Kendricks admitted fault to his actions in a prepared statement Wednesday, per Darren Rovell of ESPN.

According to Mary Kay Cabot of Cleveland.com, the Browns were aware the 27-year-old was part of an investigation when they signed him, but they did not know he was the focus.

He signed a one-year, $2.25 million deal in June.

Kendricks spent his first six seasons in the NFL with the Philadelphia Eagles, starting in the team's Super Bowl win last February. He started 74 of the 85 games he has played in since the Eagles drafted him in 2012.

Joe Schobert and Christian Kirksey will remain key parts of Cleveland's defense with Kendricks no longer on the team