Willie Gault Under Fire: Another Sports Pro Feels The Pain Of SEC Scrutiny

Wednesday, December 21, 2011 12:25
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Willie Gault Under Fire: Another Sports Pro Feels The Pain Of SEC Scrutiny

Tags: fraud

Mere days after feel-good Notre Dame hopeful "Rudy" Ruettiger settled SEC charges that he pumped his own stock, NFL legend Willie Gault is in regulatory trouble as well.

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Gault competed at an Olympic level in several sports and helped take the Chicago Bears to their 1985 Super Bowl win.

 

But the SEC was not impressed when obscure medical device maker Heart Tronics named him co-CEO in 2008.

 

Turns out that the company may have inflated its revenue numbers for several years and that lawyer Mitchell Stein paid stock promoters to pump the shares.

 

The question is whether Gault was a mere celebrity figurehead or an active part of the company.

 

Most of the dubious quarterly sales reports were issued before his tenure, but he did actively promote Heart Tronics products at non-profit events.

 

Whether he crossed the line from endorsement to fraud remains to be seen.

Comments (1)

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I hope Willie gets in a financial pinch over this so Da Bearz can sign him again -- God knows they need the help!
This e-mail address is being protected from spambots. You need JavaScript enabled to view it , December 21, 2011

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