Aug 30, 18, 08:03 AM #1
Browns LB Mychal Kendricks Arrested for Insider TradingFormer Eagles LB Mychal Kendricks was picked up by the Browns this spring on a 1 year contract. They liked how he was playing and had him listed as a backup to Jamie Collins. The Browns knew he was under investigation but believed his story that he was a victim.
Turns out he is friends with a Harvard-educated analyst for Goldman Sachs who was feeding him stock tips for a kickback payment. Kendricks said he knew what he was doing was wrong.
He faces serious prison time, up to 25 years. He issued a pretty thorough apology taking full responsibility and pledging to be a different person in the future.
The Browns released him. They are out the $500,000 signing bonus but there is a possibility they may recoup it.
What can you say about that?
Browns release LB Mychal Kendricks, who faces 'substantial prison time' for insider trading | cleveland.comAdvertisement
Aug 30, 18, 09:03 AM #2
You can’t expect to make 7 figures in the stock market and not get caught. Sorry this is just stupid. Absolutely stupid.
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Aug 30, 18, 10:24 AM #3It also points out John Dorsey's tendency to sign/draft players who may have questionable things in their background. He seems to vet these players fairly carefully and if he thinks their trouble can stay in the past, he is willing to take a risk to get talent. He did this when he selected Antonio Callaway in the 5th round. Callaway has 1st round talent, but some layers of trouble in his recent background (suspended for the 2017 season due to fraudulent usage of a credit card).
Dorsey knew Kendrick's legal problems, thought Kendricks may be an innocent bystander duped by a friend, and signed him. He was wrong this time. I'll bet this does not change Dorsey's modus operandi in the future.
Aug 30, 18, 10:32 AM #4
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