SEC Charges Man Who Inspired Movie 'Rudy' With Stock Fraud

December 17, 2011 Updated Dec 17, 2011 at 3:43 PM EDT

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SEC Charges Man Who Inspired Movie 'Rudy' With Stock Fraud

December 17, 2011 Updated Dec 17, 2011 at 3:43 PM EDT

The Securities and Exchange Commission on Friday charged the inspiration for the popular football movie "Rudy" with stock fraud stemming from an alleged scheme to deceive investors into buying stock in his sports drink company.

According to a news release issued by the SEC on Friday, Daniel Ruettiger and 10 others have agreed to settle the SEC charges by paying $382,866, according to the SEC release. He does not have to admit or deny the allegations, according to the SEC.

Read the SEC news release detailing the allegations HERE.