The Cleveland Browns have released Mychal Kendricks after he was charged with insider trading.
The Browns said they were aware of Kendricks' involvement prior to signing him to a one-year deal in June, but "circumstances have changed" and the team has elected to release him.
"I would like to apologize," Kendricks said in the statement released by his attorneys. "Four years ago, I participated in insider trading, and I deeply regret it. I invested money with a former friend of mine who I thought I could trust and who I greatly admired. His background as a Harvard graduate and an employee of Goldman Sachs gave me a false sense of confidence.
"To this point, I had worked my tail off since I was 5 years old to become a football player. I was drawn in by the allure of being more than just a football player. 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."