My initial impression when I watched Eclipse for the first time (and what I still believe) is that Stella knew full well that Ray didn't humilate himself on purpose in the bank when they were kids. I always read it as Stella knowing how embarrased and ashamed Ray would feel for having wet himself, and instead of trying to console him and tell him that it was okay, she let him be the hero instead. Because even though in Ray's memory he thought that he was being 'John Lennon, James Bond, Joe Namath, all rolled into one', I don't think Stella actually fell in love with an illusion at all. Like Fraser said, 'I am willing to gamble that Stella looked beyond that one incident and saw the whole person'. I think she always saw Ray for who he really was, but Ray's own insecurities about himself made him believe that she had to be with him based on a lie. I think the person who doesn't see Ray clearly is Ray himself. He has such a low sense of himself that he can't imagine her falling for anything but a con. He can't imagine that Stella simply fell in love with little Ray Kowalski, because who the hell is even is that? He's convinced himself that he's been playing the part of 'the hero' all these years that he doesn't really see that he has actually become one. The person who recieved all those citations that Fraser recounts wasn't a lie or a con, it was Ray Kowalski, a good policeman, someone who one would be proud to call a partner and a friend. In my opinion Ray's biggest con was conning himself into believing he isn't good enough just the way he is.