Former Super Bowl winner Mychal Kendricks pleads guilty to Insider Trading
For over 2 years Kendricks worked with former Goldman Sachs analyst Damilare Sonoiki making around $1.2m (£0.92m) in illegal profits. Sonoiki provided information that allowed Kendricks to make stock options on four major trading deals.
The 27 year-old athlete admitted that he swapped cash, NFL tickets and access to exclusive parties and shoots in exchange for the market-shifting information.
Kendricks club The Cleveland Browns terminated his one-year, $2.25m (£1.74m) contract on 29 August, hours after the charges were announced.
He was regretful stating “Four years ago, I participated in insider trading. While I didn't fully understand all of the details of the illegal trades, I knew it was wrong, and I wholeheartedly regret my actions.”
Kendricks will learn of his fate at his sentencing hearing in December.