September 30, 2021
Thom Carroll/for PhillyVoice
Mark Ramsey, once the roommate of former Philadelphia Eagles player Mychal Kendricks, was found guilty Wednesday of insider trading for a scheme that earned both men earn almost $1.2 million in 2014. Kendricks pleaded guilty to charges in 2018. Ramsey's trial took place in federal court in Philadelphia.
Mark Ramsey, the onetime roommate of ex-Philadelphia Eagles linebacker Mychal Kendricks, was convicted Wednesday of participating in an insider trading scheme that earned the men almost $1.2 million in 2014.
Kendricks, also charged in the investigation, pleaded guilty in 2018.
Evidence at Ramsey's trial showed that the 31-year-old from San Francisco made finical dealings using insider information provided by Damilare Sonoiki, who was a junior analyst and investment banker at Goldman Sachs at the time.
Between July and November 2014, Ramsey conspired with Kendricks and Sonoiki to use non-public information to purchase call options in four different companies that were actively pursuing mergers. All four companies – Compuware Corp., Move Inc., Sapient Corp. and Oplink Communications LLC – were clients of Goldman Sachs.
When the proposed mergers were announced in each case, the value of the stocks acquired by Kendricks and Ramsey rose significantly. They made nearly $1.2 million during the five-month trading period.
Ramsey, who was charged in May 2019, was given access to Kendricks' brokerage account to complete transactions. Ramsey also received $15,000 and other unnamed incentives from Kendricks for his assistance.
"Insider trading undermines faith in our financial markets and harms ordinary investors who play by the rules," Acting U.S. Attorney for the Eastern District of Pennsylvania Jennifer Arbittier Williams said. "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."
Kendricks and Sonoiki each pled guilty in 2018 to insider trading and conspiracy charges. Kendricks paid Sonoiki $10,000 and gave him free tickets to Eagles games for the illegal investment information.
Kendricks was sentenced to one day in prison, three years of probation and 300 hours of community service. Sonoiki was sentenced to one month in prison and fined $5,000.
Kendricks played six seasons for the Eagles after being drafted in second-round in 2012. He was member of the Eagles team that won Super Bowl LII; it was his last season in Philadelphia.
Kendricks subsequently was cut by the Browns in 2018 after being charged with insider trading. The 31-year-old free agent played last season for the Seahawks and Washington Football Team. He spent part of training camp this summer with the 49ers before being released.
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