Investment banker who passed tips to Mychal Kendricks pleads guilty

Kendricks also pleaded guilty in the case earlier this month.

Mark Abrams
September 19, 2018 - 5:24 pm
Cleveland Browns linebacker Mychal Kendricks (54) leaves the field after minicamp at the Cleveland Browns training facility.

Ken Blaze-USA TODAY Sports

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PHILADELPHIA (KYW Newsradio) — Damilare Sonoiki, the investment banker who passed along insider information to former Eagles linebacker Mychal Kendricks, pleaded guilty to charges of securities fraud and conspiracy before U.S. District Court Judge Gene Pratter on Wednesday.

Assistant U.S. Attorney David Ignall said Sonoiki used his position as an analyst at a global investment bank in New York to provide insider information to Kendricks between July 2014 and March 2015.

"He became aware of pending mergers and acquisitions in which the investment bank represented either the acquirer or the target," Ignall said. "He then passed information along to Mr. Kendricks."

Ignall says Kendricks, who also pleaded guilty in the case earlier this month, bought options in four companies about which Sonoiki had tipped him off. Kendricks later sold them at a net profit of almost $1.2 million.

Kendricks was released by the Cleveland Browns after he was charged. He was picked up by Seattle, and he played in last Monday night's game against the Bears. The NFL is expected to suspend him.

Both men are facing jail time, fines and restitution. They remain free pending sentencing in January.