Mychal Kendricks grew his investment account at an insane rate
Mychal Kendricks admitted publicly on Wednesday that he took part in illegal insider trading activity, and it’s easy to see why the Cleveland Browns linebacker was federally charged when you hear some of the details from the case.
According to the complaint against Kendricks, the 27-year-old turned $80,000 in an investment account into more than $1 million in a span of less than five months.
This Mychal Kendricks complaint is jaw-dropping. Government spells out how he literally – literally…not figuratively – turned $80,000 in a brokerage account into $1,200,000 in less than five months. And he basically paid $10k in kickbacks to do it. Gordon Gekko was less brash.
— Charles Robinson (@CharlesRobinson) August 29, 2018
To put that in perspective, you would be doing pretty well if you turned $80,000 in a brokerage account into $1.2 million in oh, I don’t know, 30 or 40 years? By using inside information from a friend who was employed by Goldman Sachs, Kendricks was able to accomplish that in a span of months.
Kendricks issued a statement on Wednesday apologizing for his actions, and how his NFL career will be affected remains to be seen. From the way it sounds, he may have misled the Browns before signing a one-year contract with them back in June.