PHILADELPHIA (KYW Newsradio) — A former roommate of an ex-Philadelphia Eagles linebacker has been convicted of an insider trading scheme with that player, all from information an investment banker gave them about four specific companies being purchased or making a merger at the time.
Mark Ramsey, 31 from San Francisco, bought call options on the companies in 2014 along with former Eagles linebacker Mychal Kendricks, the Department of Justice said.
Authorities said Ramsey and Kendricks made about $1.2 million on the securities involving Compuware and Move, Inc., which were each being purchased at the time, and separate mergers involving Molex and Sapient.
Related
The information about those mergers and corporate purchases came from Damilare Sonoiki, then a Goldman Sachs junior analyst whose companies were clients, according to the Justice Department. CBS News reports that he received about $10,000, along with various items including Eagles tickets.
Kendricks and Sonoiki have each pleaded guilty as well. Kendricks received a one-day sentence and three years probation, along with $100,000 in fines, according to ESPN.
"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," Kendricks said in a statement in 2018.
“Insider trading undermines faith in our financial markets and harms ordinary investors who play by the rules,” said Acting United States Attorney Jennifer Arbittier Williams in a statement.
“Mark Ramsey placed himself above the law by cheating in the market and cheating other investors, and for that crime, a jury found him guilty. Our office will continue to work with our law enforcement partners to maintain the integrity of the financial markets.”
