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The Cleveland Browns terminated their contract with Mychal Kendricks, Wednesday evening.

via Wkyc:

The Cleveland Browns terminated their contract with Linebacker Mychal Kendricks, Wednesday evening.

Kendricks’ release comes to just hours after he was indicted on insider trading charges.

Kendricks and a former associate — “Black-ish” TV writer Damilare Sonoiki — were each charged with one count of conspiracy to commit securities fraud and one count of securities fraud.

In a statement released today, Kendricks owned up to the act, and expressed his regret.

He also said that he did not take any of the profits.

Browns General Manager, John Dorsey issued the following statement following Kendricks’ release:

Prior to signing Mychal, we were informed that there was a financial situation that he had been involved with in 2014. 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.

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