Mychal Kendricks Suspended Indefinitely For Making $1.2 Million From Insider Trading

OAKLAND, CA - NOVEMBER 03: Mychal Kendricks #95 of the Philadelphia Eagles looks on against the Oakland Raiders at O.co Coliseum on November 3, 2013 in Oakland, California. The Eagles won 49-20. (Photo by Drew Hallowell/Philadelphia Eagles/Getty Images) *** Local Caption *** Mychal Kendricks

Mychal Kendricks Suspended Indefinitely For Making $1.2 Million From Insider Trading

The Seahawks' linebacker was found guilty of receiving tips in 2014 from a Goldman Sachs banker.

Published 1 week ago

Seattle Seahawks linebacker Mychal Kendricks has been suspended indefinitely after he was found guilty of insider trading, according to a source close to the athlete. 

Back in August, Kendricks admitted to insider trading after charges were filed in the case. Kendricks was accused of developing a relationship with a banker at Goldman Sachs, who fed him nonpublic information in 2014 about corporate mergers.

Kendricks had received $1.2 million in profits from the information, reported the New York Times.

Kendricks, who played his first six seasons in Philadelphia and helped the Eagles win the Super Bowl last season, signed a one-year contract with the Cleveland Browns. The Browns released Kendricks after he pleaded guilty.

“Four years ago, I participated in insider trading, and I deeply regret it,” Kendricks said in a statement in late August. “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.”

While he appealed the decision, Kendricks was allowed to play and signed with the Seahawks on Sept. 14. with the understanding he might be suspended. In addition to the suspension, the 28-year-old could be facing prison time.

Written by BET Staff

(Photo: Drew Hallowell/Philadelphia Eagles/Getty Images)

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