Per NFL Network's Ian Rapoport, the former Philadelphia Eagle released a statement in which he apologized and acknowledged involvement in the crime:
Kendricks signed with the Browns this offseason after spending his first six NFL seasons with the Eagles.
The Browns announced Wednesday that Kendricks would not travel with the team to Detroit for their preseason finale against the Lions on Thursday:
In his statement, Kendricks said the insider trading was the result of investing money with a "former friend" who was an employee of Goldman Sachs.
Kendricks said that while he didn't "fully understand" the illegal trades, he "knew it was wrong."
The 27-year-old also pledged to pay back the money he accrued illegally.
Philadelphia made Kendricks a second-round pick out of California in 2012, and he went on to start 74 regular-season games for the Eagles over six seasons.
Kendricks also helped the Eagles win their first Super Bowl championship in franchise history last season.
He is currently penciled in as the backup to Joe Schobert at middle linebacker in Cleveland.