UPDATED 8:50 p.m. ET: Mychal Kendricks has been released by the Cleveland Browns, according to ESPN's Adam Schefter.

See original story below.

Cleveland Browns linebacker Mychal Kendricks and Black-ish writer Damilare Sonoiki have been charged for insider trading, according to the Philadelphia Inquirer. Kendricks, who previously played for the Eagles, is allegedly caught up in a $1.2 million scheme involving investments he made from 2013 to 2015. He is expected to plead guilty sometime in the near future.

Kendricks' attorney, Michael Schwartz, shared a statement from the athlete apologizing for the crime. Read it below:

"I apologize. Four years ago, I participated in insider trading, and I deeply regret it. I invested money with a former friend of mine who I thought I could trust and who I greatly admired. His background as a Harvard graduate and an employee of Goldman Sachs gave me a false sense of confidence. To that point, I had worked my tail off since I was 5 years old to become the football player that I am today. I was drawn in by the allure of being more than just a football player. 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.

Since the beginning of the investigation, I have fully cooperated with all of the authorities and will continue to do so. I accept full responsibility for my actions. Although I did not take any of the profits for myself, I am committed to repaying all of the funds gained illegally and accept the consequences of my actions.

I sincerely apologize to my coaches, the owners, and my teammates on the Eagles and the Browns, the NFL, and the magnificent fans to whom I owe my career. I also apologize to my family, who I have failed in this. You all deserve better, and I will work my hardest to re-earn your trust and respect, serve as an advocate to educate others, and show you that I will never be involved in anything like this again. Thank you for your time and hopefully your forgiveness."

Sonoiki, who was previously a Goldman Sachs analyst, was involved in four trades based on inside information with Kendricks. In exchange for the information from Sonoiki, Kendricks allegedly bribed the writer with cash, tickets to Eagles games, and visits with Teyana Taylor. It’s unclear if Taylor knew the details of the arrangement or trading.

U.S. Attorney William M. McSwain announced the charges on Wednesday. "When individuals engage in insider trading...it undermines the public's faith in our markets and harms ordinary investors that do play by the rules," McSwain said, according to the Inquirer.

Kendricks was released from the Eagles last year.