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'Rudy' settles in SEC stock fraud case, pays $383K

CBSSports.com wire reports
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Daniel Ruettiger, who earned a walk-on spot on Notre Dame's college football team for his plucky play despite his small frame, dished out $382,866 to settle SEC charges for a pump-and-dump stock scheme that reportedly rolled up $11 million in profits for Rudy Nutrition, a now out of business soft-drink company.

"Investors were lured into the scheme by Ruettiger's well-known, feel-good story but found themselves in a situation that did not have a happy ending," Scott Friestad, Associate Director of the SEC's Division of Enforcement, said according to NewsCore.

Ruettiger and 12 others allegedly schemed to portray the drink as something it wasn't according to the SEC, therefore inflating the price of the company's stock for future sale.

Ten others agreed to settle along with Ruettiger, the inspiration for the film "Rudy", while two individuals still face litigation according to the SEC.

Ruettiger is well-known as a motivational speaker who has also done work for children's advocacy groups.

He remains just one of two Irish players to ever be carried off the field by his teammates. He recorded a sack of a Georgia Tech quarterback in his final play as a senior.

Copyright (C) 2011 The Sports Xchange. All Rights Reserved.

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