Feds charge Browns' Kendricks with insider trading

Federal authorities announced at a news conference Wednesday that Cleveland Browns linebacker Mychal Kendricks has been charged with insider trading, per NBC News.

Kendricks released a statement admitting to the the scheme.

A statement from #Browns LB Mychal Kendrick, who has just been charged by the feds for insider trading. Wow. pic.twitter.com/0IEsV6lPTh

- Ian Rapoport (@RapSheet) August 29, 2018

Kendricks claimed he invested money with a former friend four years ago and vowed to repay the "funds gained illegally."

How the charge will impact the veteran linebacker is not yet known. An insider trading situation could fall under the NFL's personal conduct policy, according to FOX Sports' Jay Glazer.

"We are aware of the situation and in communication with the league office as we gather more information," the Browns said in a statement. "Mychal will not make the trip to Detroit. We will comment further at the appropriate time."

The 27-year-old signed a one-year contract with Cleveland in June after being released by the Philadelphia Eagles.

There are conflicting reports regarding whether the Browns knew about Kendricks' looming legal issues before signing him. Cleveland.com's Mary Kay Cabot reports the Browns were aware that the linebacker was part of a federal investigation, but not that he was a target in the probe. Another source told NFL Network's Mike Garafolo the team was unaware, and are currently gathering more information.

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