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Subpoenas issued in 38 Studios scandal
Several records subpoenas issued in investigation
Updated: Wednesday, 13 Jun 2012, 8:12 PM EDT
Published : Wednesday, 13 Jun 2012, 8:12 PM EDT
PROVIDENCE, R.I. (WPRI) - The Rhode Island State Police, FBI, and U.S. Attorney’s office in Providence, have all issued subpoenas in the 38 Studios investigation.
Earlier this year, Bank Rhode Island loaned the now-bankrupt company $8.5 million to help the video game studio survive.
According to reports, the bank loaned money to companies associated with Michael Corso, a Providence lawyer and broker in film tax credits. The loan was supposed to be backed by those film tax credits, but 38 Studios never qualified for any, even though they applied.
Now, Bank R.I. has received a subpoena requesting records from their deal with the company.
In addition, the Rhode Island Economic Development Corporation received a similar records subpoena. Jonathan Savage, the EDC’s lawyer, confirmed receiving a subpoena requesting records from the $75 million in taxpayer bonds issued to the studio back in 2010.
Copyright WPRI
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