'Rudy' charged in investor scheme
Posted: Dec 16, 2011 5:55 PM EDT | Updated: Nov 6, 2014 3:04 PM EDT
WASHINGTON, D.C. -- The Securities and Exchange Commission charged Daniel Ruettiger and 12 other people in a scheme to con investors into buying stock in his sports drink company.
Ruettiger is famous for inspiring the 1993 film, "Rudy."
His company is based in Las Vegas.
The drink is marketed to compete against other brands like Gatorade, and is called "Rudy." A promotional e-mail falsely claimed that the drink "outperformed Gatorade and Powerade 2:1."
The company's purpose was to support a "pump and dump" scheme to drive up stock and then sell shares off for profit.
The scheme took place in 2008 and yielded more than $11 million.
You can read the report online.