A former Los Angeles investment banker pleaded guilty to securities fraud in a Philadelphia courtroom. Damilare Sonoiki enlisted former NFL linebacker Mychal Kendricks in the scheme, which netted Kendricks more than $1M. Kendricks pleaded guilty to his role in the plan. The NFL suspended the Seattle Seahawks player following his guilty plea. Kendricks appealed the suspension but was recently denied reinstatement. He will return to federal court in January for sentencing. He expects to receive between 30 and 37 months in federal prison. In the meantime, Kendricks will not be permitted to join the team.
Sonoiki worked as an investment analyst for Goldman Sachs. Beginning in 2014, Sonoiki provided Kendricks with insider information on stock trades. The linebacker invested according to Sonoiki’s instructions and generated a profit of more than $1.2 million. Kendricks paid Sonoiki about $10,000 in cash and provided him with access to exclusive events. Additionally, Kendricks provided NFL tickets, nightclub admissions and access to celebrities and performers.
Sonoiki left Goldman Sachs in 2015 to pursue his dream of being a comedy writer. He has previously written for the ABC sitcom Black-ish and for Fox’s The Simpsons. Sonoiki remains free on a $100,000 bail. When he returns for sentencing, he faces nearly four years in federal prison.
California securities fraud attorney
When you face charges for investment fraud or insider trading, hire an experienced securities fraud attorney like Robert Helfend. Mr. Helfend has nearly 35 years of experience in criminal defense.
His first priority will be to get the charges against you reduced or dropped. This is an important component of criminal defense strategy, especially when facing federal charges. Federal prosecutors have enormous resources available to them, but that doesn’t mean a defendant can’t beat them. Federal prosecutors choose their cases very carefully, which allows them to claim a very high conviction rate. By working to reduce or drop charges, an experienced attorney can change trial prospects and make a defendant a less inviting target.
Don’t rely on an inexperienced attorney when your freedom is on the line. Contact Robert Helfend or call toll-free at (800) 834-6434, (805) 273-5611, (310) 456-3317 or (818) 591-2809 for an immediate consultation on your Ventura County securities fraud case.
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