Real-life 'Rudy,' Daniel Ruettiger, pays nearly $400K to settle fraud charges

The inspiration behind the football film "Rudy," Daniel Ruettiger, agreed to pay federal regulators nearly $400,000 to settle claims he ran a stock scam. The settlement was disclosed Friday (Dec. 16) in a suit between the Securities and Exchange Commission and Ruettiger as well as 12 others.

The SEC says that Ruettiger and his co-defendants grossed more than $11 million in a 2008 "pump and dump" scheme involving stock for his company Rudy Nutrition. The company sold sports drinks and snack bars.

As part of his settlement, Ruettiger did not admit guilt on the allegations. In addition, he is prohibited from serving as an officer or director at any public companies.

Ruettiger's story as an undersized walk-on with the Notre Dame football team was the basis for the 1993 film starring Sean Astin and Jon Favreau.