Cleveland Browns linebacker Mychal Kendricks was released by the NFL team Wednesday night, hours after he was charged by federal prosecutors in Philadelphia with insider trading.
Kendricks, who signed a one-year contract with the Browns in June after winning a Super Bowl title last season with the Eagles, allegedly used tips from an acquaintance to make about $1.2 million in illegal profits on four major trading deals, federal prosecutors said.
The 27-year-old issued a statement earlier in the day admitting to his guilt and apologizing. He expressed regret and accepted “full responsibility” for his actions.
However, the Browns decided after learning more about the case that they couldn’t go forward with Kendricks, who was going to start for the team.