Cleveland Browns linebacker Mychal Kendricks and former Goldman Sachs Group Inc. banking analyst Damilare Sonoiki were charged Wednesday with insider trading in an alleged scheme that prosecutors say yielded about $1.2 million in profits for Mr. Kendricks.

The two men, both 27 years old, were charged with one count of securities fraud and one count of conspiracy to commit securities fraud. Their attorneys said both men are expected to plead guilty.

Prosecutors...