Business & Tech
No Federal Charges Against Schilling Gaming Company
There will be no federal charges filed against 38 Studios but the Rhode Island investigation is ongoing.
After a "narrow and focused review of 38 Studios," no federal charges will be filed against the company founded by former Red Sox player Curt Schilling, according to The Washington Post.
State and federal authorities announced they were looking into the 38 Studios’ finances in June, the same day the firm filed for bankruptcy. The company was lured to Providence from Massachusetts in 2010 by the $75 million state loan guarantee and promised to create hundreds of jobs. Instead, it suddenly collapsed and laid off all its workers in May. At one point, the company was burning through about $5 million per month, according to the Associated Press.
The Rhode Island Economic Development Corp. has also hired a law firm to investigate whether anyone might be held financially liable for the deal, according to the report.
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