Cleveland Browns have terminated former Eagle Mychal Kendricks

(AP) - Cleveland Browns linebacker Mychal Kendricks was released by the team Wednesday night, hours after being charged by federal prosecutors with insider trading.

Kendricks signed a one-year contract with the Browns in June after winning a Super Bowl title last season with the Philadelphia Eagles.

Earlier, U.S. Attorney William M. McSwain said Kendricks made approximately $1.2 million profit off illegal, nonpublic information in four separate major deals. Kendricks issued a statement admitting his guilt and apologizing. He expressed regret and accepted "full responsibility" for his actions.

Kendricks did not travel with the Browns for their Thursday night exhibition finale in Detroit, and the team decided to part ways with the 27-year-old after arriving in Michigan.

Kendricks is facing possible prison time and further discipline from the NFL for violating its personal conduct policy.