Mychal Kendricks was sentenced to one day in jail, three years’ probation in an insider trading case. Kendricks, who has pleaded guilty to insider trading charges, was sentenced in federal court today in connection with the investigation by the Securities and Exchange Commission and the Manhattan U.S. Attorney’s Office.
Mychal Kendricks, the Philadelphia Eagles linebacker, was sentenced on Tuesday to three years’ probation, and one day in jail, for his role in an insider trading scheme in which he traded shares of his former employer’s company before it was publicly announced that the company was in financial distress.
Mychal Kendricks, a former Eagles linebacker, was sentenced to jail time and three years of probation after being convicted of insider trading in a case that stemmed from his purchase of stock in a company he had no stake in or knowledge of.
Brady Henderson is a professional football player. ESPN
As a consequence of his 2018 guilty plea to insider trading allegations, free-agent linebacker Mychal Kendricks was sentenced on Thursday to one day in prison, three years of probation, and 300 hours of community service.
According to Kendricks’ agent, Doug Hendrickson, the linebacker is serving a one-day prison term on Thursday. Hendrickson said it was a “very emotional day” for Kendricks since he didn’t sure what sort of punishment he’d get.
“Clearly, Mychal is pleased with the result, and he is eager to play football for someone else,” Hendrickson said.
Judge Gene Pratter of the United States District Court for the Eastern District of Pennsylvania handed down the sentence after several postponements. According to The Philadelphia Inquirer, Pratter said that the time Kendricks has waited for his sentencing “must be a pretty substantial penalty in and of itself.”
Based on federal standards and the amount of money involved in his case, a person familiar with the matter told ESPN in 2018 that Kendricks might face 30 to 37 months in jail, as had been reported. Prosecutors and Kendricks’ defense urged Pratter for a reduced sentence, claiming that he had cooperated with investigators, including giving information that led to charges against his boyhood buddy, Mark Wayne “Christian” Ramsey, according to the Philadelphia Inquirer.
According to The Inquirer, Kendricks stated in court, “I’ve been a role model, and it’s difficult when a young child comes up to you and asks if you’re going to prison.” “I haven’t been able to respond to it for years.”
According to The Inquirer, Kendricks must also pay a $100,000 punishment.
After the accusations were revealed in August 2018, Kendricks issued a statement apologizing, stating that although he didn’t completely comprehend the unlawful transactions, he understood they were wrong and that he “wholeheartedly” regretted his conduct. He pled guilty to one count of securities fraud and one count of conspiracy to conduct securities fraud in September of that year. He had already promised to give back the money he had earned via illicit transactions.
According to the newspaper, he added, “I will continue to be a loud example who will talk about being honest, being genuine, acknowledging your wrongdoings and learning from them, as I have.” “My lawyer advised me not to use the word ‘never,’ but I can honestly say I never want to go through this again.”
According to the Securities and Exchange Commission lawsuit, Damilare Sonoiki, a Goldman Sachs investment banking analyst, unlawfully provided Kendricks with knowledge about business acquisitions that his firm was advising in 2014 before they were publicly disclosed. According to the lawsuit, Kendricks used those information to earn $1.2 million in unlawful profits by buying stocks in four businesses that were going to be purchased. In September 2018, Sonoiki pled guilty to securities fraud.
Kendricks, who was selected in the second round by the Philadelphia Eagles in 2012, was a member of the club at the time of the illicit transactions. He was released in May 2018, signed a one-year contract with the Cleveland Browns the following month, then was released when the accusations were revealed in August.
Kendricks was signed by the Seattle Seahawks in September 2018, one week after his guilty plea. Later that season, he received an eight-game ban for violating the NFL’s personal conduct code, which resulted from the insider trading case.
Over the course of two seasons with the Seahawks, Kendricks made 17 starts while also spending time on injured reserve. Last October, he was signed to Seattle’s practice squad, then spent the rest of the year on the active roster of the Washington Football Team.
Kendricks’ fans in the NFL submitted letters to the court praising him, according to Hendrickson.
“I believe there were over 150 letters of support,” he added, “ranging from head coaches in the NFL to general managers to the league office, the union, players on down to high school coaches and so on and so on.” “As a result, everyone was extremely supportive and behind him in that regard.” I’d like to believe that this factored into the choice to have people realize who Mychal is.
“He really messed up and made a terrible choice, but he admitted it, and since that chapter is done, he’s free to continue playing. He still has a lot of football in him.”
According to the Philadelphia Inquirer, NFL commissioner Roger Goodell and Seattle Seahawks coach Pete Carroll were among those who wrote letters, with Goodell stating that Kendricks has “made himself a public example of the consequences of engaging in securities fraud” and that he “is committed to rebuilding both his reputation and his life.”
It’s unclear why Kendricks’ sentence was repeatedly postponed. At the request of the defense, the US attorney, or the court, these may be modified. For many months, it had been expected that Kendricks would be sentenced in July.
Teams interested in signing Kendricks have been waiting for his sentence, according to Hendrickson.
“He’s spending one day in prison right now,” Hendrickson said. “As of tomorrow, he’ll be free to join with any club he wants. There are no limitations. There are no future dates that have been set. As you may be aware, he has already been suspended by the league.”
Kendricks has 548 tackles, 19 sacks, and four interceptions in nine seasons and 104 games.
The Associated Press and ESPN’s Tim McManus contributed to this story.
The Philadelphia Eagles linebacker Mychal Kendricks was sentenced to one day in jail, three years’ probation and a $100,000 fine today for insider trading, according to ESPN.The NFL star pleaded guilty to securities fraud and wire fraud before a federal court judge in Philadelphia. Kendricks, 27, admitted asking the Eagles front office to send him nonpublic injury information before his trade from the team was announced last year.The story is pretty significant because the NFL is trying to get rid of insider trading in their league.. Read more about damilare sonoiki and let us know what you think.
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