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.
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.
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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- Future Remains Uncertain for Schilling’s 38 Studios
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- Lawmakers Feel Duped by Schilling’s 38 Studios Deal
- NEW: Schilling’s 38 Studios is Bankrupt
- Schilling’s 38 Studios Lays Off Entire Staff—Taxpayers May Be Stiffed
- Schilling has Invested ‘Majority of Money I’ve Earned in My Life’ in 38 Studios
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