Browns release Mychal Kendricks after insider trading charge

The Cleveland Browns released linebacker Mychal Kendricks on Wednesday, the team announced in a statement.

Federal authorities announced at a news conference earlier in the day that Kendricks has been charged with insider trading.

Browns general manager John Dorsey released the following statement:

Prior to signing Mychal, we were informed that there was a financial situation that he had been involved with in 2014. We were told Mychal had fully cooperated with investigators as a victim. From what was communicated at that time and based on the numerous questions we asked and further due diligence on our part, including checking with the league office, there was no information discovered that conveyed otherwise.

Recently, we were provided an update on the matter and the circumstances have changed. We are now dealing with a different set of facts and the additional information we've gathered has led us to the decision to release Mychal from our team. Due to the ongoing legal nature of this situation, we will have no further comments.

Kendricks was expected to provide veteran leadership for the Browns, inking a one-year deal reportedly worth over $3 million after helping the Philadelphia Eagles win Super Bowl LII.

The 27-year-old recorded 77 tackles, two sacks, and six pass deflections during the 2017 season. Kendricks had spent the first six years of his career with the Eagles.

Kendricks released a statement earlier Wednesday admitting to his involvement in the scheme.

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