RI Recovers $25.6 Million in 38 Studios Suits from Wells Fargo and Barclays, SEC Case Continues
Wednesday, August 24, 2016
SEE DOCUMENTS RELEASED -- READ ALL 38 PAGES
This agreement coupled with the previous agreements pushed the amount recovered to more than $40 million of more than $88 million in losses incurred by the State of Rhode Island in its failed investment in Curt Schilling’s 38 Studios gaming company.
For Wells Fargo, the mega bank still faces charges from the Securities and Exchange Commission — as does the state of Rhode Island.
The settlement agreed to today was brokered by retired Judge Francis Darrigan.
The legal wrangling between the State of Rhode Island’s attorney — Max Wistow — and the attorneys for Wells Fargo and Barclays have gone on for years and will have costs the two financial institutions in the millions.
According to Bond Buyer, one of the Wells Fargo executives was dropped from the SEC's case.
"A federal judge on Friday dismissed Securities and Exchange Commission charges against Peter Cannava, a banker involved in an ill-fated private placement for startup video game company 38 Studios.
Judge Jack McConnell, who sits on the U.S. District Court for Rhode Island, ruled that there weren't enough facts to support the SEC's claims that Cannava aided and abetted defrauding investors.
However, Wells Fargo, which employed Cannava at the time and served as underwriter on the deal, and the Rhode Island Economic Development Corp., which issued the bonds, remain as defendants in the commission complaint.
38 Studios - Wells Fargo and Barclays Settlement
- 38 Studios: SEC Charges RI Commerce Corp, Wells Fargo with Fraud - RI Reacts
- NEW: SEC Charges RI Commerce Corp, Wells Fargo with Fraud in 38 Studios
- One-on-One: Kilmartin Says 38 Studios Probe Nearing Completion
- Wells Fargo Refuses to Discuss ‘Secret’ Cash from Curt Schilling’s 38 Studios
- Wells Fargo Presentation to RIEDC - Private and Confidential
- Judge Turns Down Wells Fargo’s Request for 38 Studios Redactions
- AG: No Indictments in Rhode Island State Police 38 Studios Investigation
- Analysis: Bizarre Friday Afternoon 38 Studios Press Conference Will Infuriate RIers UPDATED
- NEW: Schilling Blasts Critics Over 38 Studios Subpoena, and More
- What Costantino Remembers and Forgot - 38 Studios’ Big Subpoena
- 38 Studios Investigation: 16 to Watch in 2016 in RI
- Bishop: 38 Stabilizations - Neverending Prov Tax Giveways are 38 Studios Redux
- EDITORIAL: Losing $75 Million Was Bad, No Justice in 38 Studios is Worse for RI
- Speaker Mattiello Calls for AG and RI State Police to Release 38 Studios Records
- You Deserve To Know The 38 Studios Story, MINDSETTER™ Mike Stenhouse
- ABC’s “In the Arena” Takes on the Demands to Release 38 Studios’ Records
- GOP House Caucus Calls on House Oversight to Subpoena 38 Studios Investigation Records UPDATED
- NEW: RI Commerce Corp Votes on 38 Studios Litigation, Refuses to Disclose Details
- Bob Whitcomb’s Digital Diary: 38 Studios is More Sloth and Stupidity than Corruption
- Former Assistant Attorney General Hired by GoLocalProv to Secure Release of 38 Studios Documents
- INFOGRAPHIC: Who Supports Releasing 38 Studios Records and Who Opposes
- Common Cause, League of Women Voters, ACLU Call on Kilmartin to Release 38 Studios Records
- UPDATED: 20 Top RI Leaders Call for Kilmartin to Release 38 Studios Documents
- Mayors Fung, Avedisian and Councilman Call for Release of 38 Studios Investigation Records
- Growing Chorus Say Kilmartin is Wrong - 38 Studios Docs Can Be Released
- (UPDATED) AG and State Police Delay Response to Request for 38 Studios Docs
- Schilling on Chafee: ‘I Think He had an Agenda and Executed it’
- NEW: Citizens Suing Schilling for $2.4 Million
- Curt Schilling Slams Governor Chafee on Twitter
- State Report: Voter Fraud, Schilling’s Meltdown & Casino Gaming
- Curt Schilling to be Featured in ESPN Documentary on Broke Athletes Tonight
- EXCLUSIVE: U.S. Attorney Investigating Curt Schilling’s 38 Studios
- NEW: Schilling’s 38 Studios is Bankrupt
- Travis Rowley: Don’t Blame Schilling
- Future Remains Uncertain for Schilling’s 38 Studios
- Insiders Had Hands All Over Schilling’s 38 Studios Deal
- Providence Investors Gave Schilling 7-Figure Loan in 2009
- NEW: Schilling Posted Bloody Sock as Collateral for Loan
- GoLocalTV: Medieval Weapons and Software Auctioned off from Curt Schilling’s 38 Studios
- NEW: Former Red Sox Curt Schilling Suspended by ESPN For Offensive Tweet
- EXCLUSIVE: Schilling, Stokes & others File Response to RI’s Suit
- The Big 38 Studios Document Surprise is No Deposition from Curt Schilling
- Curt Schilling To Return to ESPN For MLB Playoffs
- LISTEN: Schilling, Stokes & others File Response to RI’s Suit
- NEW: Schilling Heckler is Providence Wannabe Comedian
- BREAKING: State Files Suit Against Curt Schilling, Keith Stokes & Several Law Firms
- Russell Moore: Superman Is Not Curt Schilling
- NEW: Schilling Tweets at Heckler “How About I Just Knock You Out?”
- NEW: Curt Schilling Fired by ESPN After Anti-Transgender Facebook Post