The Cleveland Browns released linebacker Mychal Kendricks on Wednesday night after he was charged by the federal government earlier on Wednesday for insider trading.

John Dorsey released the following statement:

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.

Recently, we were provided an update on the matter and the circumstances have changed. We are now dealing with a different set of facts and the additional information we’ve gathered has led us to the decision to release Mychal from our team. Due to the ongoing legal nature of this situation, we will have no further comments.

Kendricks reportedly made nearly $1.2 million dollars in illegal profits based off four major investments nearly four years ago. He was assisted in those investments by Damilare Sonoiki, who is a writer for the ABC show “Black-ish”. Sonoiki was also charged on Wednesday.

He released a statement Wednesday after the news broke

A report from CBS Sports stated that Kendricks, who is planning on pleading guilty will have to serve 8 to 12 months in prison but it could be reduced.

The Browns signed the linebacker back in June after he was released by the Philadelphia Eagles where he was drafted and spent the first six seasons of his NFL career. He was expected to be a big contributor in a deep linebacker room that featured Jamie Collins, Christian Kirksey, Joe Schobert, James Burgess and Genard Avery.

Now with Kendricks released, Burgess and Avery’s roles may have increased.

Burgess seen a lot of playing time last season when Collins went down with an injury and Burgess had flashes as an undrafted rookie. Avery, who was a fifth round pick this year was already getting first team reps in the defense’s “Joker” package which used his pass rush ability.

There were rumors floated around that the team could perhaps trade Jamie Collins but I wouldn’t expect that to be the case for the immediate future unless the team gets an offer they couldn’t refuse.