(DN)
A BI
NOW BREAKING NEWS --
A BIG FEDERAL CIVIL
PENALTY NOW BEING PAID
BY ONE OF THE MAJOR
BANKS INVOLVED IN THE
FAILED 38 STUDIOS DEAL.
ACCORDING TO COURT
DOCUMENTS...
WELLS FARGO
SECURITIES HAS AGREED
TO PAY AN 800-THOUSAND
DOLLAR CIVIL PENALTY --
SETTLING A LAWSUIT
FROM THE U-S SECURITIES
AND EXCHANGE
COMMISSION.
THEY'D ACCUSED THE
BANK AND THE RHODE
ISLAND ECONOMIC
DEVELOPMENT
CORPORATION OF MAKING
MISLEADING STATEMENTS
ABOUT THE BOND
FUNDING.
WELLS FARGO NEITHER
ADMITS NOR DENIES
WRONGDOING IN THE
SETTLEMENT.
THIS IS THE FINAL LEGAL
BATTLE OVER 38 STUDIOS
-- WHERE THE STATE OF
RHODE ISLAND LOST
NEARLY 90 MILLION
DOLLARS IN TAXPAYER
MONEY.
