Photo: Tony Dejak (AP)

That was quick. The Cleveland Browns officially released linebacker Mychal Kendricks tonight after he was indicted on federal insider trading charges earlier in the day. GM John Dorsey said in a statement that the team knew Kendricks was part of an investigation before he was signed, but only as a victim:

Prior to signing Mychal, we were informed that there was a financial situation that he had been involved with in 2014. We were told Mychal had fully cooperated with investigators as a victim. From what was communicated at that time and based on the numerous questions we asked and further due diligence on our part, including checking with the league office, there was no information discovered that conveyed otherwise.

Recently, we were provided an update on the matter and the circumstances have changed. We are now dealing with a different set of facts and the additional information we’ve gathered has led us to the decision to release Mychal from our team. Due to the ongoing legal nature of this situation, we will have no further comments.

The former Eagles linebacker was charged alongside former Black-ish TV writer Damilare Sonoiki for insider trading. Kendricks allegedly made a profit of about $1.2 million, while Sonoiki was repaid in cash and Eagles tickets.

The Browns signed Kendricks to a one-year deal worth up to $3.5 million this past offseason.