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The SEC on Friday charged Ruettiger and 12 others with running a stock scam associated with Rudy Nutrition - a company Ruettiger founded to try to compete against Gatorade in the sports drink market. The company sold modest amounts of the sports drink "Rudy" with the tagline "Dream Big! Never Quit!", but the company was primarily a pump-and-dump stock scheme that created more than $11 million in illicit profits, the SEC said. The SEC said Rudy Nutrition, which is no longer in business, provided false and misleading statements to investors. For example, the company said that "Rudy outsold Gatorade 2 to 1!" in a major U.S. Southwest test, and boasted that the drink outperformed Gatorade and Powerade by 2 to 1 in a blind taste test, the SEC said. Both claims were false, it said. Ruettiger agreed to pay $382,866 to settle the case, without admitting or denying the charges. "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," SEC enforcement lawyer Scott Friestad said in a statement. Ruettiger was an undersized walk-on football player for Notre Dame who in 1975 was called off the bench during his last chance to play for Notre Dame at home. In a dramatic turn for the underdog, he recorded a sack, and was carried off the field by his teammates. An attorney for Ruettiger could not immediately be reached for comment. The SEC said Ruettiger ran the company with a college friend out of South Bend, Indiana, until October 2007 when Rocky Brandonisio became the company's president and moved the company's operations to Las Vegas. As the company struggled financially, Ruettiger and Brandonisio recruited Ruettiger's neighbor in Las Vegas, an experienced penny stock promoter, to orchestrate a public distribution of the company stock in late 2007, the SEC said. The promoter, Stephen DeCesare, identified a shell corporation quoted on the Pink Sheets that Rudy could merge with in order to become a public firm. The company hired a business consultant who was a disbarred California lawyer, Kevin Quinn, to execute the deal. It began trading in February 2008 under the ticker symbol RUNU. Through false or misleading statements about the company, the team pumped up its stock price from 25 cents to $1.05 per share, the SEC said. The agency said the scheme ended when the SEC issued a trading suspension against Rudy Nutrition on September 12, 2008, for delinquent regulatory filings. Lawyers for Brandonisio and DeCesare did not immediately respond to a request for comment. A lawyer for Quinn had no immediate comment. (Reporting By Aruna Viswanatha; Editing by Karey Wutkowski, Gerald E. McCormick and Richard Chang) Entertainment Fashion People Regulatory News Tweet this Link this Share this Digg this Email Reprints Entertainment News From the Wrap Christopher Hitchens: A Salute To Intellectual Honesty 5:55pm EST He wrote the best, most piercing, most clarifying prose of his career as he faced down the specter of his own demise My Movie Dates With John Waters 5:10pm EST “You can’t smoke in a movie theater John!” I whispered. “Oh sure you can,” he said with great conspiratorial glee. “Watch this..." 'Sherlock Holmes' on Track for a Disappointing $37.4M Opening 1:14pm EST "Alvin and the Chipmunks" grosses about $6.6M Friday while "Mission: Impossible" posts strong numbers in limited release ABC Under Fire for Cross-Dressing Comedy 'Work It' 4:21pm EST Rights groups claim series could be harmful to transgendered people We welcome comments that advance the story through relevant opinion, anecdotes, links and data. 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For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (2) inverse137 wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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