Mychal Kendricks released by Cleveland Browns after insider trading charge

Cleveland Browns have released linebacker Mychal Kendricks after he was charged with insider trading by United States federal authorities.

U.S. Attorney William M. McSwain, based in Philadelphia, confirmed the charges on Wednesday. The complaint said Kendricks turned $80,000 (£61,398) into $1.2m (£920,000) in a span of five months.

Kendricks, who joined the Browns as a free agent earlier this summer, is charged along with television writer Damilare Sonoiki, a former partner at a global investment bank.

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"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.

"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."

The complaint is in relation to the time when Kendricks was a member of the Philadelphia Eagles. He left as an unrestricted free agent after winning Super Bowl LII in February.

In a statement released by his attorney, Kendricks said: "I apologise. Four years ago, I participated in insider trading, and I deeply regret it."