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Ex-Eagle Mychal Kendricks pleads guilty to insider Trading. Faces 25 years
Posted on 9/6/18 at 7:23 pm
Posted on 9/6/18 at 7:23 pm
LINK
quote:
Former Eagles linebacker Mychal Kendricks stood before a federal judge in a Philadelphia courtroom Thursday afternoon and pleaded guilty to leveraging insider stock tips to fatten his already enviable financial portfolio. Kendricks, 27, who helped the Eagles win the Super Bowl last season before signing with the Cleveland Browns, admitted to swapping cash, NFL tickets, and access to lavish parties with a Wall Street-connected friend for nonpublic market-shifting information
quote:
At the end of their two-year scheme, Kendricks had profited close to $1.2 million.
quote:
U.S. District Judge Gene E.K. Pratter asked Kendricks why he was pleading guilty. "Because I know I was wrong," he said. "I know that I made the decision to accept information, secret information, and it wasn't the right thing to do." The judge said she wanted to be sure that Kendricks was not coerced into pleading guilty. "I'm making the decision because it's the right thing to do," he said. Prosecutors said Damilare Sonoiki, 27, a Harvard-educated Goldman Sachs analyst turned sitcom writer, fed Kendricks confidential financial information on four companies that were about to be absorbed in mega-deals that sent their stock prices soaring. Sonoiki's lawyer, Mark T. Wilson of the Federal Community Defender Office in Philadelphia, said in an email that his client also would plead guilty, but no date has been set. According to court documents, the two co-defendants began scheming shortly after meeting at a party in late 2013, around the time Kendricks entered his rookie season with the Eagles. Between 2013 and 2015, Sonoiki provided Kendricks with advance notice of mergers and acquisitions that he learned about while working in the technology, media, and telecommunications division at Goldman Sachs. In exchange, Kendricks paid Sonoiki more than $10,000 in kickbacks, gifted him Eagles tickets, and invited him to nightclub promotions and to the set of a music video featuring pop star Teyana Taylor. Sonoiki left the financial sector in 2015 and landed a TV writing role with ABC's Black-ish for the 2015-16 season. He began working as a writer for Fox's The Simpsons this year. During six seasons with the Eagles, Kendricks was paid more than $20 million, according to sports finance website Spotrac. In June, he signed a one-year, $500,000 contract with the Browns, but he was released last week after news of the charges broke. Lawyers said Thursday that although federal sentencing guidelines are likely to call for a term of imprisonment, any sentence he receives is likely to be far less than the statutory maximum of 25 years — in part because of Kendricks' decision to plead guilty before an indictment. Michael Schwartz, Kendricks' attorney, did not say Thursday whether he would seek a sentence of probation at his client's sentencing hearing Dec. 18.
Posted on 9/6/18 at 7:24 pm to TechDawg2007
Any experts here know what type of time he's looking at?
25 years would be tragic.
25 years would be tragic.
Posted on 9/6/18 at 7:27 pm to TechDawg2007
If he gets 25 years, imagine how many games Sean Payton will get suspended for this when Roger is done.
Posted on 9/6/18 at 7:28 pm to TechDawg2007
I’d be interested to know how they busted him/ how big of an operation this was
Posted on 9/6/18 at 7:29 pm to TechDawg2007
Why the frick would a NFL player making NFL money get involved in insider trading?
Posted on 9/6/18 at 7:53 pm to TechDawg2007
Well at least it isn't a cliche NFL crime like beating a woman or something.
Posted on 9/6/18 at 7:54 pm to TechDawg2007
For only 1.2 million?
I’m thinking 9-10 months
Dude can lift weights the whole time and prob play another 5 years in the league once he gets out
I’m thinking 9-10 months
Dude can lift weights the whole time and prob play another 5 years in the league once he gets out
Posted on 9/6/18 at 8:21 pm to TechDawg2007
His fine will be steep. He'll be back on the field in no time.
Posted on 9/6/18 at 8:23 pm to TechDawg2007
Smart of him to take ownership of it immediately. I bet the judge will weight that heavily in her decision.
Posted on 9/6/18 at 8:23 pm to TechDawg2007
Sounds like he signed with the wrong Ohio team.
Posted on 9/6/18 at 8:28 pm to TechDawg2007
I am active in the market and hate insider trading. But it's so selectively prosecuted it's ridiculous. It's also non-violent. He should get 2 or 3 years of real time max. and a lifetime ban from the stockmarket (however you can do that).
All these hedge funds going crazy over Elon Musk publicly stating what he was considering proved the point - what could be more public, non-insider- than publicly announcing his considerations on Twitter?
All these hedge funds going crazy over Elon Musk publicly stating what he was considering proved the point - what could be more public, non-insider- than publicly announcing his considerations on Twitter?
This post was edited on 9/6/18 at 8:31 pm
Posted on 9/6/18 at 9:07 pm to TechDawg2007
So the dude gets busted for being the first one in line? This is retarded.
Posted on 9/6/18 at 9:39 pm to TechDawg2007
He made a plea deal he's not getting a lot of time. A few years maybe. A couple more likely
Posted on 9/6/18 at 11:43 pm to TechDawg2007
I of course don't know anything about insider trading, nor do I know the normal punishments of it, but my guess is that he won't get anything near 25 years. Maybe more like a year or two.
Posted on 9/7/18 at 1:10 am to TechDawg2007
Will probably get him a one game suspension from ole Rodg.
Posted on 9/7/18 at 11:00 am to TechDawg2007
At least he was using his money to make money and not pissing it away.....wonder who fingered him.
1.2 million is chump change for insider trading over a 4 year period. I knew of politicians that made more than this doing pretty much the same thing and it was all legal.
Selective prosecution if you ask me
1.2 million is chump change for insider trading over a 4 year period. I knew of politicians that made more than this doing pretty much the same thing and it was all legal.
Selective prosecution if you ask me
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