On August 30, 2022, the United States District Court for the Eastern District of Pennsylvania entered final judgments against Damilare Sonoiki, a former investment banking analyst, and Mark Wayne Ramsey, who was a friend, roommate, and business partner of former professional football player Mychal Kendricks.

According to the SEC's complaint filed on August 29, 2018, Sonoiki tipped Kendricks confidential, nonpublic information about several upcoming corporate mergers. The complaint alleges that, by trading on this information in advance of the merger announcements, Kendricks made approximately $1.2 million in illegal profits. According to the SEC's complaint filed on May 21, 2019, Ramsey also participated in the insider trading scheme by obtaining material nonpublic information from Sonoiki concerning the corporate acquisition targets and placing illegal trades in Kendricks's trading account.

Sonoiki and Ramsey were both charged criminally by the U.S. Attorney's Office for the Eastern District of Pennsylvania. Sonoiki pleaded guilty to securities fraud and conspiracy to commit securities fraud and was sentenced to one month in prison, three years of supervised release, a fine of $5,000, and forfeiture of $10,000. Ramsey was convicted at trial of securities fraud and conspiracy to commit securities fraud. Ramsey was sentenced to 60 days in prison, three years of supervised release, and a fine of $5,000.

Sonoiki and Ramsey both consented to the entry of final judgments permanently enjoining them from violating the antifraud provisions of Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3 thereunder and ordering Sonoiki to pay a civil penalty of $15,000.

Additionally, on September 19, 2022, the Commission entered an administrative order, upon consent, barring Sonoiki from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization, or from participating in any offering of a penny stock.

The litigation was led by Christopher R. Kelly and supervised by Gregory R. Bockin in the SEC's Philadelphia Regional Office. The SEC's investigation which led to these actions was conducted by Rachael Clarke and Patrick McCluskey of the Market Abuse Unit ("MAU") in the Philadelphia Regional Office, with the assistance of John Rymas of the MAU's Analysis and Detection Center. The case has been supervised by MAU Chief Joseph G. Sansone, and Scott A. Thompson, Associate Regional Director of the Philadelphia Regional Office.