"Rudy" Inspiration Charged with Securities Fraud
MSNBC
http://bottomline.msnbc.msn.com/_news/2011/12/16/9500066-rudy-inspiration-charged-with-securities-fraud
'Rudy' inspiration charged with securities fraud
By msnbc.com news services,,
Daniel "Rudy" Ruettiger, who gained fame as the underdog football player at the University of Notre Dame and inspired the 1993 movie "Rudy," was sued Friday by the Securities and Exchange Commission.
Ruettiger and 12 others were charged with running a scheme to deceive investors into buying stock in Ruettiger's sports drink company.
The SEC lawsuit called it "a classic pump-and-dump scheme involving a penny stock called Rudy Nutrition" that occured between February and September 2008 and generated more than $11 million in illicit profits.
"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," SEC enforcement lawyer Scott Friestad said in a statement.