The Browns have released linebacker Mychal Kendricks after he was charged on Wednesday with using insider trading tips to make $1.2 million in illegal profits.
In a statement released by his lawyer Wednesday, Kendricks, who signed with the Browns in June, said he was sorry and takes full responsibility for his actions.
“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,” he said in the statement.
He also claimed he didn’t take any of the profits for himself but didn’t elaborate on where the money went.
“I am committed to repaying all of the funds gained illegally and accept the consequences of my actions,” he said.
General manager John Dorsey released the following statement Wednesday night after terminating Kendricks' contract:
Prior to signing Mychal, we were informed that there was a financial situation that he had been involved with in 2014. We were told Mychal had fully cooperated with investigators as a victim. From what was communicated at that time and based on the numerous questions we asked and further due diligence on our part, including checking with the league office, there was no information discovered that conveyed otherwise.
Recently, we were provided an update on the matter and the circumstances have changed. We are now dealing with a different set of facts and the additional information we’ve gathered has led us to the decision to release Mychal from our team. Due to the ongoing legal nature of this situation, we will have no further comments.