Former NFL linebacker Mychal Kendricks has faced up to 25 years in prison after pleading guilty Thursday to charges of insider trading.
Kendricks, 27, admitted before a federal judge in Philadelphia that he swapped cash, NFL tickets and access to parties with a Wall Street-connected associate for nonpublic, market-shifting information.
Prosecutors said Kendricks netted close to 1.2 million US dollars in profits off the trading during his two-year arrangement with a former Goldman Sachs analyst.
US 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."
Fans hold a cut-out head of Mychal Kendricks of the Philadelphia Eagles during their Super Bowl Victory Parade in Philadelphia, Pennsylvania, February 8, 2018. /VCG Photo
Kendricks will be sentenced in December. He won the Super Bowl with the Philadelphia Eagles last season before joining the Cleveland Browns.
Cleveland ended Kendricks' one-year contract worth 2.25 million US dollars hours after he was charged on August 29.
At the time, Kendricks made a statement saying he "deeply regretted" being involved with a former friend of his who he thought he could "trust".
"Four years ago, I participated in insider trading. 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."
"To this point, I had worked my tail off since I was five years old to become a football player. I was drawn in by the allure of being more than just a football player.
"Although I did not take any of the profits for myself, I am committed to repaying all of the funds gained illegally. I accept full responsibility for my actions."
Drafted in the second round by Philadelphia in 2012, Kendricks appeared in 85 games with the Eagles from 2012-17. He recorded 14 sacks, three interceptions and five fumble recoveries in that span.