The SEC previously charged Mulholland in 2001 for a pump-and-dump scheme involving a sports drink company founded by football player Daniel “Rudy” Ruettiger, the inspiration for the motion picture Rudy. That case culminated in an order requiring Mulholland to pay $5.3 million in disgorgement, penalties and interest, fines that remain unpaid, according to the SEC complaint.
The SEC seeks monetary penalties, disgorgement fees and, if deemed suitable by the court, a conduct-based injunction.
If convicted of the criminal charges, Mulholland faces up to 20 years in prison.