PROVIDENCE, R.I. (AP) — The U.S. Securities and Exchange Commission on Monday charged Rhode Island's economic development agency and Wells Fargo with defrauding investors in the state's disastrous $75 million deal with 38 Studios, the failed video game company started by former Red Sox pitcher Curt Schilling.
The civil complaint, filed in U.S. District Court in Providence, accuses the Rhode Island Commerce Corp. and Wells Fargo Securities of making materially misleading statements when they sold the bonds used to fund the deal.
BOSTON – Film industry workers flooded a State House hearing Tuesday to defend a tax credit they say has fueled job growth by making the state a regular destination for large and small productions and enabled industry workers to stay in Massachusetts rather than pursuing opportunities in New York or Los Angeles.
Tax credit critics over the years have argued that too much of the benefits flow to out-of-state interests and claim investments could be made in areas crying out for more revenue if the incentive was eliminated or scaled back.
