Judge rules in favor of Wells Fargo banker in 38 Studios bond SEC complaint

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A JUDGE HAS cleared Peter M. Cannava, Wells Fargo lead banker on the $75 million in bonds for the video game company 38 Studios, of all charges related to an SEC complaint arguing that the R.I. Economic Development Corp. (predecessor to the R.I. Commerce Corp.), EDC officials, Wells Fargo and Cannava defrauded investors in the issuance of the bonds. Cannava was the only defendant not to settle with the SEC.
A JUDGE HAS cleared Peter M. Cannava, Wells Fargo lead banker on the $75 million in bonds for the video game company 38 Studios, of all charges related to an SEC complaint arguing that the R.I. Economic Development Corp. (predecessor to the R.I. Commerce Corp.), EDC officials, Wells Fargo and Cannava defrauded investors in the issuance of the bonds. Cannava was the only defendant not to settle with the SEC.
PROVIDENCE – Peter M. Cannava, the lead banker on the bonds for 38 Studios at Wells Fargo, has had claims alleging that he aided and abetted in violations of securities laws filed by the U.S. Securities and Exchange Commission dismissed in U.S. District Court this week, Nixon Peabody LLP, Cannava’s council, announced Wednesday. Cannava was…

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