PHILADELPHIA — The Latest on Mychal Kendricks, the NFL linebacker charged with insider trading Wednesday and later released by the Cleveland Browns (all times local):

Cleveland Browns linebacker Mychal Kendricks was released by the team Wednesday night, hours after being charged by federal prosecutors with insider trading. Kendricks, who signed a one-year contract with the Browns in June after winning a Super Bowl title last season with the Eagles, allegedly used tips from an acquaintance to make about $1.2 million in illegal profits on four major trading deals, federal prosecutors said. PHILADELPHIA — Cleveland Browns linebacker Mychal Kendricks has been charged with using insider trading tips from an acquaintance to make about $1.2 million in illegal profits on four major trading deals, federal prosecutors announced Wednesday. Prosecutors allege his co-defendant, Damilare Sonoiki, was paid $10,000 in kickbacks in the scheme from 2014-2015, as well as perks like tickets to Eagles games and tagging along to a music video shoot or nightclub appearances, said U.S. Attorney William McSwain. Kendricks spent six years with the Eagles, who drafted him in the second round in 2012 after he played at California. In a statement released by Kendricks' attorney, he admitted to wrongdoing, saying in part:

"Four years ago, I participated in insider trading, and I deeply regret it. In a statement released by his lawyer, Kendricks said, "While I didn't fully understand all of the details of the illegal trades, I knew it was wrong, and I wholeheartedly regret my actions."
The Cleveland Browns release linebacker Mychal Kendricks following charges of insider trading.