Daniel 'Rudy' Ruettiger Charged with Fraud by SEC

Saturday December 17th, 2011

Daniel "Rudy" Ruettiger -- made famous as the subject of the of the 1993 movie "Rudy" -- has been charged by the Securities and Exchange Commission with fraud in connection with a stock manipulation scheme, according to the Chicago Sun-Times.

Ruettiger founded Rudy Nutrition, a sports drink that was set to rival leading brands. However, experiencing only a modicum of success, Ruettiger and 12 others stand accused of participating in a scheme that artificially inflated the price of Rudy Nutrition's stock. “Participants in this scheme made false and misleading statements in company press releases, SEC filings, and promotional materials, and engaged in manipulative trading to artificially inflate the price of Rudy Nutrition stock, while selling unregistered shares to investors,” the SEC said in a release. “The complaint alleges that the scheme generated more than $11 million in illicit profits.”

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