Photo courtesy of www.rudyintl.com |
We're following a developing story involving former Notre Dame star Daniel "Rudy" Ruettiger – the football walk-on who inspired the 1993 movie "Rudy."
On Friday the Securities and Exchange Commission announced Ruettiger and several others are charged in a scheme to deceive investors into buying stock in his sports drink company.
Investigators say the company primarily served as a vehicle for a so-called pump-and-dump scheme that generated more than $11 million in illicit profits.
Ruettiger and 10 others have agreed to settle the charges without admitting or denying the allegations. As part of that settlement, Ruettiger agreed to pay $382,000.
Read the Securities and Exchange Commission report here: http://sec.gov/news/press/2011/2011-268.htm
