Federal judge approves 38 Studios settlement

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R.I. Commerce Corp. pay $50,000 to settle allegations it defrauded investors
R.I. Commerce Corp. pay $50,000 to settle allegations it defrauded investors
PROVIDENCE – A federal judge on Monday ordered R.I. Commerce Corp. to pay $50,000 to settle allegations it defrauded investors to fund the now-defunct video game company 38 Studios LLC. U.S. District Judge John J. McConnell Jr. approved a settlement between Commerce, the state’s economic-development arm, and the U.S. Securities Exchange Commission. In exchange for…

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