Mychal Kendricks is getting a raw deal when he became a whistle blower to the SEC. The SEC saw this as an opportunity to mend its image in the private sector by making an example of a high profile NFL linebacker.
Kendricks’ inside trading is a drop in the bucket of all the insider trading that occurs on a regular basis. Most of this trading the SEC can do nothing about. It is very hard to prove insider trading. Thus it goes largely unaddressed by the SEC. But in Kendricks’ case, his broker was so brazen about the scheme that the SEC was forced to act.
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Kendricks used inside information provided by a then Goldman Sachs employee Damilare Sonoiki for personal gain. To compound matters, Kendricks paid Sonoiki for the information with Eagles tickets and cash payments.
But the brazenness of Sonoiki caught the eye of the SEC. But only if they had a whistle blower who could prove the case. Without the whistle blower, this case might not have ever come to charges filed. Enter Kendricks.
Kendricks became the whistle blower the SEC needed to build a case against Sonoiki. It is reported that Kendricks is fully cooperating with the investigation. The Browns even stated as much in their statement on his release. He admitted his guilt and has volunteered to make amends. One would think the SEC would be pleased that someone would fully cooperate in a case.