Real-Life 'Rudy' Settles SEC Fraud Case for $383K

Daniel Ruettiger, 12 others accused of 'pump-and-dump' scheme
By Mark Russell,  Newser Staff
Posted Dec 17, 2011 5:46 AM CST

(Newser) – Daniel Ruettiger—the man who inspired the 1993 movie Rudy, about an undersized student who earned a spot on Notre Dame's football team—is paying a full-sized $382,866 to settle fraud charges with the SEC, reports the Wall Street Journal. Ruettiger and 12 accomplices were charged with a "pump-and-dump" stock scheme that generated $11 million in allegedly illegitimate profits in energy drink company Rudy Nutrition.

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"Investors were lured into the scheme by Mr. Ruettiger's well-known, feel-good story but found themselves in a situation that did not have a happy ending," said an SEC official. Under the settlement, Ruettiger neither admits to nor denies the charges, but gives up his $185,750 in profits and pays a fine of $185,750 plus interest. (Read more Securities and Exchange Commission stories.)

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