Curt Schilling fraud case to cost Wells Fargo more than $800K

Former Arizona Diamondbacks pitcher Curt Schilling

By Jeff Blumenthal | Philadelphia Business Journal

Wells Fargo Securities has agreed to pay more than $800,000 to settle a U.S. Securities and Exchange Commission lawsuit over Rhode Island’s failed $75 million deal with former Arizona Diamondbacks pitcher Curt Schilling’s video game company.

The settlement, announced this week in a U.S. District Court filing in Rhode Island, was approved March 20 by a federal judge. The San Francisco-based bank, which is the Valley’s second-largest deposit holder, is required to pay $812,500 and would be permanently barred from violating certain municipal securities and other laws. The subsidiary of Wells Fargo & Co. (NYSE: WFC) does not admit or deny wrongdoing in the filing and said it “looks forward to putting the matter behind us.”

In March 2016, the SEC sued Wells Fargo and The Rhode Island Economic Development Corp. (RIEDC) for allegedly defrauding investors in a municipal bond offering to finance a startup video game company led by Schilling.


Share this!

Additional Articles

Maricopa youth center in the works

By Monica D. Spencer | InMaricopa Teens could have a new hangout next year. Plans to create a youth recreation center are in the works thanks to the Maricopa Community Coalition, an organization of local community

Read More »
News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.