After a four-year investigation, Rhode Island authorities summed up a $75 million financing package used by the state in 2010 to lure Curt Schilling’s video game company from Massachusetts as a flawed deal, but not a crime, the Boston Globe reported on Saturday. Schilling’s 38 Studios filed for bankruptcy in 2012, and it owes $89 million on the loans it received. “A bad deal doesn’t always equate to an indictment,” said Steven G. O’Donnell, superintendent of the Rhode Island State Police. O’Donnell and Rhode Island Attorney General Peter F. Kilmartin said their probe, which included interviews with more than 140 people and a review of hundreds of documents, found problems with the deal but no criminal violations. Kilmartin said the case would remain open in case new evidence arises out of a civil lawsuit and a fraud case that the Securities and Exchange Commission is pursuing over allegations that a state economic development agency and Wells Fargo Securities misled investors over the municipal bonds issued to finance the project.
