Mychal Kendricks charged with insider trading

[chrisfaceoff]

Not sure what this means for him for the season, but still newsworthy.

from rotoworld:


Mychal Kendricks - LB - Browns
US Attorney Bill McSwain announced Browns LB Mychal Kendricks has been charged with insider trading.

We're not sure about the details here, but this comes out of nowhere. Kendricks released a statement, admitting "four years ago, I participated in insider trading, and I deeply regret it." Kendricks continues, saying he invested money with a former friend and vows to repay the illegal funds. This is obviously a serious issue, but we have no clue how it affects Kendricks' football status right now. Kendricks signed a one-year deal in Cleveland back in June.

[monkeymcgee]

Chasing that 10% annual return...

[scottagibson]

Chasing that 10% annual return...

Yes!! HAHA well played!

[suggs4mvp55]

As someone that works in the finance industry in NYC I can't help but shake my head at this.

The guy that provided the tips to Kendricks, Damilare Sonoiki, was a Harvard grad that worked at Goldman Sachs and Morgan Stanley and now a writer for an ABC TV show....had a great life going but got greedy.

He was making 6 figures at Goldman, had a Ivy league degree to fall back on and ruined his life over a few trades to make a $1mm. SO stupid.

[patchgenie]

http://static.nfl.com/static/content/public/video/2018/08/07/0ap3000000945769_video_cp.jpg

[Mitch]

He needs to hire Harvey Specter.

[rman112]

#Browns

[Athey49]

x7bjXWzms5I

[motu79]

I will commend his apology though. Seemed rather heartfelt and not robotic like most apologies you hear from athletes in trouble.

[ILOVEBEER]

I will commend his apology though. Seemed rather heartfelt and not robotic like most apologies you hear from athletes in trouble.

I'm sure he did it to save face in front of the judge. Probably hoping he avoids jail time.

[asujbl]

I will commend his apology though. Seemed rather heartfelt and not robotic like most apologies you hear from athletes in trouble.

I agree it was sincere

It’s also quite clear he’s rolling on bigger fish. He doesn’t make these statements if a deal wasn’t clearly in place

[ninjacookies]

As someone that works in the finance industry in NYC I can't help but shake my head at this.

The guy that provided the tips to Kendricks, Damilare Sonoiki, was a Harvard grad that worked at Goldman Sachs and Morgan Stanley and now a writer for an ABC TV show....had a great life going but got greedy.

He was making 6 figures at Goldman, had a Ivy league degree to fall back on and ruined his life over a few trades to make a $1mm. SO stupid.

Most likely not his first rodeo. Very rarely do dirty traders isolate their behavior to a few transactions. He just happened to get caught. I'm sure he's got a few bank accounts overseas sheltering a large portion of his winnings.

Seems like Kendricks had that NFL capital that made Damilare's dreams feasible.

At the end of the day, I'd much rather have a player on my team committing insider trading vs. going out and getting DUI's or assaulting women.

After all, Wallstreet is pretty much owned and ran by gangsters...they just so happen to substitute colored bandanas and sagged khakis with fitted armani suits.

[rman112]

Most likely not his first rodeo. Very rarely do dirty traders isolate their behavior to a few transactions. He just happened to get caught. I'm sure he's got a few bank accounts overseas sheltering a large portion of his winnings.

Seems like Kendricks had that NFL capital that made Damilare's dreams feasible.

At the end of the day, I'd much rather have a player on my team committing insider trading vs. going out and getting DUI's or assaulting women.

After all, Wallstreet is pretty much owned and ran by gangsters...they just so happen to substitute colored bandanas and sagged khakis with fitted armani suits.

bwallstreet?

[ninjacookies]

bwallstreet?

Don't you dare speak his name 2 more times....

[rman112]

Don't you dare speak his name 2 more times....

It's OK. I am already going to hell.

.. whispers bwallstreet twice ..

[asujbl]

He’s been released

Not a surprise. My response was about going to jail (I don’t think he does)

No chance he was playing this year

[JHH]

How come most of the NFL bad new are always related or about the Browns wow, they just can't catch a break....

[lesternatty]

http://static.nfl.com/static/content/public/video/2018/08/07/0ap3000000945769_video_cp.jpg

Underrated

[trixstar]

Well keep you around if you beat your wife or are a drug addict. Insider trading is where we draw the line.

[jcardstore]

Well keep you around if you beat your wife or are a drug addict. Insider trading is where we draw the line.

It’s not about what he did. He had no chance of playing this year so no reason for the Browns to keep him. Not sure why people don’t get this

[steelcityguy]

Ironic huh, being cut by a team whose owner was part of one of the largest fraud schemes in the country, Pilot/Flying J. Oh Brownies being Brownies for sure.

[ssbledsoe]

Can anyone give a strong reason why we should care about insider trading?

[salthill]

Can anyone give a strong reason why we should care about insider trading?


Would you buy packs (or boxes) at the LCS if the owner was allowed to look inside them first?

[jcardstore]

Would you buy packs (or boxes) at the LCS if the owner was allowed to look inside them first?

This is a horrible, horrible comparison. I mean this is so far off of what insider trading actually is

[jcardstore]

A better example would be if a player called you up and said he was going to be traded to some big market team so buy all of his cards at cheaper prices now so that you could cash out on the move

[salthill]

This is a horrible, horrible comparison. I mean this is so far off of what insider trading actually is

When you step up to the counter that’s exactly what it is. It’s a trade where one side has an information imbalance (info they’re not entitled to*) that the other side cannot legitimately fix.

(*Or info they are entitled to, but are not allowed to trade on.)

[auctionjmm]

Can anyone give a strong reason why we should care about insider trading?

Most adults with a retirement plan through their employer are relying on the stock market to fund their retirement. There are enough ups and downs in the market as it is with fair trading. If the deck was stacked with more and more insider traders trying to get an upper hand...I would be very concerned what kind of ripple effect that would have on my own money. I think all of us would be better off if those ripples were kept to a minimum.

[Pearce77]

His nickname now: Martha Stewart

[ssbledsoe]

Most adults with a retirement plan through their employer are relying on the stock market to fund their retirement. There are enough ups and downs in the market as it is with fair trading. If the deck was stacked with more and more insider traders trying to get an upper hand...I would be very concerned what kind of ripple effect that would have on my own money. I think all of us would be better off if those ripples were kept to a minimum.

Here's the deal though. The employer retirement plan is administered by someone who is privy to information you or I or 99.9% of the public is not privy to:
models with an obscene amount of predictive capabilities.

What I'm asking is if "insider trading" would really change the status quo? Instead of choosing Vanguard over Fidelity because their model and fee structure is better, you look at someone else because they have a better network. Or some iteration thereof.

[auctionjmm]

Here's the deal though. The employer retirement plan is administered by someone who is privy to information you or I or 99.9% of the public is not privy to:
models with an obscene amount of predictive capabilities.

What I'm asking is if "insider trading" would really change the status quo? Instead of choosing Vanguard over Fidelity because their model and fee structure is better, you look at someone else because they have a better network. Or some iteration thereof.

I think the fact that insider trading is so strictly enforced and in most cases carries federal charges and prison time, we don't really see large or devastating effects on the market that turn 401K plans into mush because people just don't have the balls to commit federal crime and try to get away with it. So maybe you are right. But if you took away the enforcement, stopped caring, and even made it legal, you would have a terribly volatile market and an economy that was perpetually on shaky ground. So I'll give you that we probably shouldn't invest too much time worrying about Mychal Kendricks and the million he made, but on a larger scale with more people involved I could see it getting really bad.

[ssbledsoe]

I think the fact that insider trading is so strictly enforced and in most cases carries federal charges and prison time, we don't really see large or devastating effects on the market that turn 401K plans into mush because people just don't have the balls to commit federal crime and try to get away with it. So maybe you are right. But if you took away the enforcement, stopped caring, and even made it legal, you would have a terribly volatile market and an economy that was perpetually on shaky ground. So I'll give you that we probably shouldn't invest too much time worrying about Mychal Kendricks and the million he made, but on a larger scale with more people involved I could see it getting really bad.

I was under the impression that most of the big funds/traders use computer operated algorithms. Don't these high frequency traders thrive in a more volatile market?

Clearly there are geniuses that have figured out an edge in the current market. I find it hard to believe they and/or others would struggle to do so in a market w/ "insider information."

[dbird3312]

http://static.nfl.com/static/content/public/video/2018/08/07/0ap3000000945769_video_cp.jpg



Haha love this. Nassib has been cracking me up during hard knocks.