Real-Life Rudy Accused of Screwing Investors Out of $11 Million
It's a sad day for fans of the inspiring sports classic Rudy. Daniel "Rudy" Ruettiger, perhaps the most famous collegiate football underdog of all time -- on whom the title character in David Anspaugh's 1993 film was based -- has been charged by the SEC for a pump-and-dump scheme that earned him over $10 million in profits for a Rudy-branded sports drink.
According to a press release from the SEC (via The Observer):
The Securities and Exchange Commission today charged Daniel Ruettiger and 12 other participants in a scheme to deceive investors into buying stock in his sports drink company. Ruettiger is widely known for having inspired the 1993 motion picture "Rudy." According to the SEC's complaint filed in federal court in Las Vegas, Ruettiger founded Rudy Nutrition to compete with Gatorade in the sports drink market. Rudy Nutrition produced and sold modest amounts of a sports drink called "Rudy" with the tagline "Dream Big! Never Quit!" However, the company primarily served as a vehicle for a pump-and-dump scheme that occurred in 2008 and generated more than $11 million in illicit profits.
Movie Rudy, as played by Sean Astin, would have never approved of this. For an extensive write-up of the Rudy case, see Foster Kamer's brilliant report, which features Ruettiger as the Financial Criminal of the Day.
Rudy Can Fail: Sports Legend Rudy Ruettiger Charged by SEC for Pump and Dump Scheme Worth $11M [The Observer]