UPDATED: Former Cal LB Mychal Kendricks charged with insider trading and released from Browns

Update: Mychal Kendricks was released by the Browns, per Adam Schefter.

Original: Former Cal LB Mychal Kendricks was charged with insider trading earlier today. Here’s a quote taken from ESPN:

Cleveland Browns linebacker Mychal Kendricks has apologized after being charged Wednesday with insider trading by federal prosecutors to make nearly $1.2 million in illegal profits on four major investments four years ago.

Kendricks released a statement shortly after the announcement by U.S. Attorney William McSwain, admitting to insider trading and saying he accepts “full responsibility for my actions” and that he “knew it was wrong.”

Damilare Sonoiki, a television writer, also has been charged with assisting Kendricks in his investments.

McSwain, the U.S. Attorney for the District Court of Eastern Pennsylvania, said both Kendricks and Sonoiki face “substantial prison time” if convicted.

Mychal Kendricks also released this statement following his charges.