Commerce RI fined $50K in settlement with SEC over 38 Studios case

A $50,000 settlement has been reached between R.I. Commerce Corp. and the U.S. Securities and Exchange Commission over the 38 Studios case.
A $50,000 settlement has been reached between R.I. Commerce Corp. and the U.S. Securities and Exchange Commission over the 38 Studios case.
PROVIDENCE – The U.S. Securities and Exchange Commission on Wednesday reached a settlement with R.I. Commerce Corp., stemming from allegations that the state defrauded investors when issuing a 2010 municipal bond offering to finance the now-defunct video game company 38 Studios LLC. Commerce, formerly known as the R.I. Economic Development Corp., has agreed to pay…

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