SEC NFL Player Insider Trading

On Aug. 29, SEC charged NFL player and banker re insider trading.

  • Mychal Kendricks given illegal tips by Damilare Sonoiki, investment bank analyst.
  • The professional football player began to receive illegal tips, after they met at a party.

Alleged Violations

  • Sonoiki had access to confidential, nonpublic information, for upcoming mergers.
  • Trading scheme facilitated with coded text messages and FaceTime conversations.
  • Kendricks made $1.2mn from buying stock in firms that were soon to be acquired.
  • Sold position after deals were announced, netted 400% return on one investment.
  • Kendricks rewarded Sonoiki for tips by setting up online brokerage both could use.
  • Sonoiki received kickbacks, NFL tickets, and evening on the set of pop star video.


  • SEC sought returns of defendant ill-gotten trading profits plus interest, penalties.