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Thread: Kendricks charged with insider trading, cut by Browns

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    Senior Member Array title="stillers4me has a reputation beyond repute"> stillers4me's Avatar

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    Kendricks charged with insider trading, cut by Browns

    Cleveland Browns linebacker Mychal Kendricks was released by the team Wednesday night hours after being charged with insider trading by the U.S. Attorney's Office of the Eastern District of Pennsylvania.


    Kendricks, along with co-defendant Damilare Sonoiki, were charged with one count of conspiracy to commit securities fraud and one count of securities fraud, per U.S. Attorney William McSwain.........

    read more @ http://www.nfl.com/news/story/0ap300...edium=referral



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    Senior Member Array title="teegre has a reputation beyond repute"> teegre's Avatar

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    Re: Kendricks charged with insider trading, cut by Browns

    Greed... for lack of a better word... is good.

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    Senior Member Array title="AtlantaDan has a reputation beyond repute"> AtlantaDan's Avatar

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    Re: Kendricks charged with insider trading, cut by Browns

    "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."

    http://www.nfl.com/news/story/0ap300...edium=referral

    The Associated Press reports that the Browns were aware in June when they signed Kendricks that there was an ongoing insider trading investigation connected to him. The Browns, however, apparently didn’t know that federal authorities viewed Kendricks as a target of the investigation.

    https://www.si.com/nfl/2018/08/29/my...noiki-blackish

    In other words our due diligence consisted of relying on Kendricks' version of what was going on - our bad

    Steelers may have been less gullible despite the contention this spring they had missed out by not actively trying to sign Kendricks

    The bottom line is the Browns got better and the Steelers did not. It remains to be seen if this is all for nothing or will the Steelers wish they had been a bit more aggressive with this one.

    https://steelerswire.usatoday.com/20...iss-out-again/

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    Ghost Poster Array title="ALLD has a reputation beyond repute"> ALLD's Avatar

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    Re: Kendricks charged with insider trading, cut by Browns

    Browns are gonna brown.
    All Defense!

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    Banned Array title="tom444 has a reputation beyond repute">

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    Re: Kendricks charged with insider trading, cut by Browns

    I wonder what turned the feds onto this?

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    Senior Member Array title="smokin3000gt has a reputation beyond repute"> smokin3000gt's Avatar

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    Re: Kendricks charged with insider trading, cut by Browns

    possible 25yrs in prison and a $5M fine? That's ridiculous.. killers and rapist rarely look at that much time
    Quote Originally Posted by 86WARD View Post
    Tomlin is that good.



    PATRIOTS**

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    Senior Member Array title="Dwinsgames has a reputation beyond repute"> Dwinsgames's Avatar

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    Re: Kendricks charged with insider trading, cut by Browns

    Kenny Pickett is who I though he was .. Eagles problem now

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    Senior Member Array title="AtlantaDan has a reputation beyond repute"> AtlantaDan's Avatar

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    Re: Kendricks charged with insider trading, cut by Browns

    Quote Originally Posted by tom444 View Post
    I wonder what turned the feds onto this?
    Presumably data mining programs by the SEC that pick up suspicious trading patterns around the time of a corporate announcement were the initial trigger or those who sold the options to Kendricks not being pleased about having to pay up suggested the SEC take a look.

    Then the subpoenas start flying

    Kendricks took the non-public information provided by Sonoiki and used it to purchase call options in companies that would, at future dates, be favorably impacted by mergers. This plot proved quite lucrative. After the mergers were announced, Kendricks sold the options for a combined profit of $1.2 million. As a related metric, the increase in price of the relevant options from the day Kendricks purchased them to the day he sold them ranged from 79% to 393%—an unbelievably spectacular range for a novice investor without access to non-public information.

    https://www.si.com/nfl/2018/08/29/my...noiki-blackish

    The SEC has a huge database of trading and for any given corporate event they can obtain all the trading that took place and examine it quickly for timing to the event, size and eventually who placed the trades. There is a record of every trade in a U.S. market and the SEC has decades of experience and very sophisticated computer programs to sift the trades and track down the traders whether it is thousands of shares or just a few.

    https://www.marketwatch.com/story/wh...der-2018-03-14

    The traders, who wrote the calls that you purchased ... did so unaware that you possessed inside information that could be used for your pecuniary benefit and to their detriment. Would it be any surprise if they complained about the suspicious nature of this trade, which has saddled them with a gigantic loss, to the SEC?

    https://www.investopedia.com/article...er-trading.asp

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    Senior Member Array title="st33lersguy has a reputation beyond repute">

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    Re: Kendricks charged with insider trading, cut by Browns

    Typical Browns. They are the football gods' greatest punching bag

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    NFL's Dirtiest Player Array title="86WARD has a reputation beyond repute"> 86WARD's Avatar

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    Kendricks charged with insider trading, cut by Browns

    Quote Originally Posted by st33lersguy View Post
    Typical Browns. They are the football gods' greatest punching bag
    90% of Steelers fans wanted the Steelers to trade for or sign Kendricks...lol.

    Quote Originally Posted by Dwinsgames View Post
    you are a Kenny Pickett enabler

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    Senior Member Array title="Dwinsgames has a reputation beyond repute"> Dwinsgames's Avatar

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    Re: Kendricks charged with insider trading, cut by Browns

    Quote Originally Posted by 86WARD View Post
    90% of Steelers fans wanted the Steelers to trade for or sign Kendricks...lol.
    Guilty as charged
    Kenny Pickett is who I though he was .. Eagles problem now

  12. #12
    NFL's Dirtiest Player Array title="86WARD has a reputation beyond repute"> 86WARD's Avatar

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    Re: Kendricks charged with insider trading, cut by Browns

    Quote Originally Posted by Dwinsgames View Post
    Guilty as charged
    Same

    Quote Originally Posted by Dwinsgames View Post
    you are a Kenny Pickett enabler

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