Co-Conspirator Of Former Philadelphia Eagles Sentenced

West Chester PA

22 March, 2022

3:58 PM

Description

PHILADELPHIA — The former roommate of Mychal Kendricks, then a linebacker for the Philadelphia Eagles, was sentenced today in U.S. District Court here to two months in federal prison for participating in an insider trading scheme. U.S. District Judge Gene E.K. Pratter also ordered Mark Wayne Ramsey, 32, of San Francisco, Calif., to serve three years of probation following the jail sentence. He was fined $5,000. In September, a jury convicted Ramsey of four counts of security fraud and two counts of conspiracy. Ramsey and Kendricks were high school friends. Ramsey performed tasks for Kendricks, but did not pay rent, according to court records. Pratter denied a request from Ramsey's lawyer, Ann Flannery of Philadelphia, to dismiss the case. Flannery argued there was no evidence of a scheme to obtain money through fraudulent pretenses. U.S. Attorney Jennifer Arbittier Williams of the Eastern District of Pennsylvania, said in a prepared statement that the case was about three individuals who thought they could cheat the system to make a quick buck. "When individuals engage in insider trading, it undermines the integrity of our financial markets and harms ordinary investors who abide by the rules," Williams said. "Our office will continue to investigate and hold accountable individuals who engage in this type of illegal activity." According to federal prosecutors: Evidence presented at trial showed that Ramsey traded on inside information provided by Damilare Sonoiki, at the time a junior analyst at Goldman Sachs, regarding upcoming mergers involving four Goldman Sachs clients: Compuware Corporation; Move, Inc;, Sapient Corporation; and Oplink Communications, LLC. Sonoiki provided this information to Ramsey and his roommate Kendricks. From July to November of 2014, the trading conducted by Ramsey and Kendricks from Kendricks's account resulted in profits of nearly $1.2 million on the four securities. Defendants Sonoiki and Kendricks both pleaded guilty in September 2018 to insider trading and conspiracy charges. In July 2021, the two were sentenced. Kendricks was sentenced to one day in prison and three years of probation and was ordered to pay a $100,000 fine. Sonoiki was sentenced to one month in prison and three years of supervised release, and was ordered to pay a $5,000 fine.