The team announced Wednesday night that it has terminated Kendricks’ contract.
“Prior to signing Mychal, we were informed that there was a financial situation that he had been involved with in 2014,” Browns General Manager John Dorsey said in a statement released by the team. “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 charged with insider trading in Philadelphia on Wednesday, making nearly $1.2 million in illegal profits on four investments four years ago. The linebacker admitted wrongdoing in a statement.
Kendricks signed a one-year deal worth up to $3.5 million with the Browns in the offseason after the Eagles released him.