Former Cleveland Browns lb Mychal Kendricks admitted engagement in insider trading on Wednesday morning with an apology. He expressed regret and of course he accepted “full responsibility” for his actions. Due to this recent news, Cleveland Browns had to released him.
This 27 year old man is facing possible prison time and on top of that discipline from the NFL, since he violated NFL’s conduct policy.
— Philadelphia Wings (@NLLwings) March 8, 2018
Kendricks claimed that non of the $1.2 million profits were for himself, but he did not explain where the money ended up. He also said “I am committed to repaying all of the funds gained illegally.”
If Mychal Kendricks gets convicted, he could serve up to 25 years in prison and on top of that fine, which could go as high as $5.25 million. Which doesn’t account for $1.2 million from insider trading, which well get confiscated.
One might ask why did he do it
After 6 years with eagles he earned over $20 million and this year he had signing bonus from Browns for half million dollars.
Attorney David Weinstein have estimated, that linebacker Mychal Kendricks will most probably spend 8-12 months in prison. Where his sentence would most likely be a lot higher, something around 2-5 years. But with good behavior, reduced split sentence, house arrest community service, etc. He will probably end up serving just 1 year.