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REMEMBER THE DUCK, KEEP POSITIVE !! ...SEC Says Rudy Ruettiger Is A Stock Scammer (December 16, 2011) ...item 3.. The drink, called Rudy, carried the slogan "Dream Big! Never Quit!" ...
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The former Notre Dame walk-on has agreed to pay 2,866 to resolve the SEC’s claim that he participated in a pump-and-dump, fraudulently inducing investors to bid up the stock of his sports drink company, Rudy Nutrition. He did not admit or deny the allegations.
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.....item 1)..... FORBES ... www.forbes.com .... Nathan Vardi, Forbes Staff
Following the money trail
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BUSINESS | 12/16/2011 @ 2:59PM |72,960 views
SEC Says Rudy Ruettiger Is A Stock Scammer
www.forbes.com/sites/nathanvardi/2011/12/16/sec-says-rudy...
To many football and movie fans, Daniel “Rudy” Ruettiger is a hero, an ordinary kid who overcame extraordinary odds through hard work and determination to become part of Notre Dame folklore.
The Securities & Exchange Commission, however, says Rudy Ruettiger has grown up to become a penny stock promoter and scammer. The former Notre Dame walk-on has agreed to pay 2,866 to resolve the SEC’s claim that he participated in a pump-and-dump, fraudulently inducing investors to bid up the stock of his sports drink company, Rudy Nutrition. He did not admit or deny the allegations.
According to the SEC complaint filed in federal court in Las Vegas, Ruettiger’s company sold only a small amount of a sports drink called “Rudy” and instead the company served as a vehicle for a 2008 pump-and-dump scheme that generated million in illicit profits. The SEC revoked registration of the stock of Rudy Nutrition in 2008.
“Investors were lured into the scheme by Mr. Ruettiger’s well-known, feel-good story but found themselves in a situation that did not have a happy ending,” said Scott Friestad, associate director of the SEC’s enforcement division, in a statement. “The tall tales in this elaborate scheme included phony taste tests and other false information.”
What kind of tall tales is the SEC talking about? One example is literature mailed to potential investors falsely claiming that in “a major southwest test, Rudy outsold Gatorde 2 to 1.” While these sorts of promotions were going on, the SEC says promoters were artificially inflating the price of Rudy Nutrition’s stock while selling unregistered shares to investors.
Like his heroic football story, the stock scam has its origins in South Bend, Ind., where Ruettiger and one of his college buddies started a sports drink company they eventually moved to Las Vegas. There, Ruettiger brought in an experienced penny stock promoter, Stephen DeCesare, who was his neighbor. DeCesare became the primary organizer of the stock scam, the SEC claims, putting together a reverse merger of a Pink Sheets-traded shell company.
DeCesare brought in other stock promoters to inflate the stock price through bogus trading and stock touting, increasing the company’s stock price from 25 cents to .05. The amount of stock trading hands rose from 720 shares to 3 million. But in this case, the story turned out to be unbelievable.
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.....item 2).... ALLTOP MSNBC .... msnbc.alltop.com/ ....
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.....item 3).... News Observer .... www.newsobserver.com ... Real-life 'Rudy' settles SEC fraud lawsuit
Published Fri, Dec 16, 2011 08:39 PM
Modified Fri, Dec 16, 2011 08:39 PM
By E. SCOTT RECKARD - Los Angeles Times
www.newsobserver.com/2011/12/16/1715705/real-life-rudy-se...
LOS ANGELES -- Say it ain't so, Rudy.
Daniel "Rudy" Ruettiger, the 5-foot-6 walk-on Notre Dame football player whose underdog story inspired the 1993 movie "Rudy," has seen his sports drink venture turn out less happily - with allegations of securities fraud.
In a lawsuit Friday, the Securities and Exchange Commission accused Ruettiger, 63, and 12 others of swindling investors in Rudy Nutrition, a Gatorade challenger he started with a college friend in South Bend, Ind.
Ruettiger got in trouble when he moved the company to Las Vegas in 2007 and joined a fast crowd that pumped out promotions to penny-stock investors. The SEC said the participants dumped million worth of stock in a company that had few customers and no profits.
The drink, called Rudy, carried the slogan "Dream Big! Never Quit!" A promotional mailing claimed that in "a major Southwest test, Rudy outsold Gatorade 2 to 1!"
An email boasted that in "several blind taste tests, Rudy outperformed Gatorade and Powerade by 2:1," the SEC suit states.
Both statements were false, according to the lawsuit, filed in federal court in Las Vegas. The promoters are accused of manipulating trading to artificially inflate the price of Rudy Nutrition stock while selling unregistered shares to investors.
Only 0,000 of the more than million raised went back into Rudy Nutrition, said Scott W. Friestad, associate director of the SEC's enforcement division.
"Investors were lured into the scheme by Mr. Ruettiger's well-known, feel-good story but found themselves in a situation that did not have a happy ending," Friestad said.
Ruettiger and 10 other defendants settled the suit without admitting or denying wrongdoing, Friestad said; the two who have not settled also face criminal prosecution.
Ruettiger paid back 5,750 he made in the alleged scam, a fine of the same size and interest that brought his total to 2,866.
He also agreed to be banned from serving as an officer or director of a public company and from promoting penny stocks.
"He was a willing participant in the scheme, but not the ringleader," Friestad said, adding that Ruettiger had honest intentions when he founded the company and got caught up in the promotional scheme after it struggled.
The SEC revoked registration of the stock in late 2008 and Rudy Nutrition shut down.
Ruettiger, a dyslexic child with 13 siblings who applied to Notre Dame four times before he was admitted, was on a practice squad and took part in just one game for the Fighting Irish. He sacked the opposing quarterback in a play that became a centerpiece of the movie.
Currently a motivational speaker, he also started a foundation to benefit children's advocacy programs and hand out the College Football Rudy Award to players of exceptional commitment.
Ruettiger and his attorney, Michael Eldredge of Salt Lake City, could not be reached for comment.
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Truck drivers begin two-week national stoppage
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There are calls for state and federal govts to abandon new transport changes to get trucks back on the road. The organiser of a national truck driver shutdown says he expects Australia's transport industry to be crippled in a matter of days. The two-week stoppage began at midnight AEST last night over state and federal government transport changes, which include increased registration fees, new fatigue laws and changes to the fuel excise.
