NEW: Feds No Longer Investigating 38 Studios
Friday, September 28, 2012
The U.S. Attorney’s office has ended its investigation into Curt Schilling’s 38 Studios, according to a report from the Associated Press.
Both federal and state authorities launched investigations into the troubled video game company shortly before it filed for bankruptcy over the summer.
Schilling’s company received a $75 million loan guarantee from the state’s Economic Development Corporation (EDC) over two years ago, but was unable to secure additional financing and fell on hard times late last year.
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In January, Michael Corso, the state’s top tax credit broker pledged over $14 million in tax credits that were never issued by the state to secure an $8.5 million loan from BankRI. U.S. Attorney Peter Neronha’s spokesman Jim Martin said the office conducted a “very narrow and focused review” to determine whether any federal laws were broken, including bank fraud.
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