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Mychal Kendricks admits to insider trading and apologizes

Insider trading scandals typically involve people in the financial sector of New York, but Mychal Kendricks, an NFL linebacker for the Browns, has been charged in a case that allegedly earned him $1.2 million from illegal trades. He issued a public apology concerning his role in investments four years ago that relied on inside information.

Kendricks said that he knew his actions were wrong and he is willing to be held responsible for what he did. The 27-year-old professional athlete said that he was attracted to the possibility of becoming more than a football player through his substantial investments. He acted with the help of a friend at the time, whom he reportedly respected for his education and financial connections. Federal prosecutors have also charged his partner, a television writer, with insider trading. Convictions for the men could produce long prison terms.

Kendricks expressed regret for disappointing his family, coaches, teammates and fans. He intends to return his illegally obtained money. A brief statement from the Browns acknowledged the criminal charges and confirmed that the league office was aware of the issue.

A person targeted by accusations of white collar crimes has the right to consult an attorney. Cases that allege financial crimes, like insider trading, tax fraud or corporate crime, involve many financial documents. A legal representative familiar with financial records and criminal law may study the evidence to see if the prosecutor has sufficient evidence to support charges. Questionable evidence might give an attorney an opportunity to get charges reduced or dropped. An attorney's willingness to defend someone from aggressive prosecution might also lead to a plea deal that keeps penalties to a minimum.

Source: ESPN, "Browns' Mychal Kendricks charged with insider trading", Aug. 29, 2018

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