(CLEVELAND) Cleveland Browns linebacker Mychal Kendricks is facing federal charges for insider trading and will not make the trip to Detroit for the team's final preseason game.
Department of Justice and FBI officials announced Kendricks made $1.2 million by trading before four acquisitions were announced.
Kendricks wrote in a statement: “I would like to apologize. 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."
He said he is cooperating with the investigation.
The Browns released the following statement: "We are aware of the situation and in communication with the league office as we gather more information. Mychael will not make the trip to Detroit. We will comment further at the appropriate time."
NFL spokesman Brian McCarthy says the league is reviewing the situation.
The Eagles selected Kendricks in the second round of the 2012 NFL Draft and started in Super Bowl LII, helping the Eagles win an NFL Championship in 2018. The Eagles released him earlier this year and Kendricks signed a one-year deal with the Browns.
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Browns’ LB Mychal Kendrick’s apologizes for insider trading: pic.twitter.com/l0KjTWCMCc— Adam Schefter (@AdamSchefter) August 29, 2018