Rudy Ruettiger is among 13 people charged by the Securities and Exchange Commission in what they call a scheme to deceive investors into buying stock in his sports drink company.
Ruettiger founded a sports drink company Rudy Nutrition to compete with the likes of Gatorade. But the SEC says that company generated more than $11 million in illicit profits, after investors were given false statements about the company in press releases and SEC filings. The releases claimed that the drinks were outselling Gatorade and Powerade.
The SEC also says the stock prices were artificially inflated, and unregistered shares were sold to investors.
Rudy Nutrition is no longer in business.
Eleven of those charged have agreed to settle with the SEC; Ruettiger has agreed to pay more than $380,000.
You can read more much about the case by clicking here.
Ruettiger is known for inspiring the 1993 film Rudy, about his time on the Notre Dame football team.