Defendant Name: Rhode Island Commerce Corporation

Defendant Type: Government

Initial Case Details

Legal Case Name SEC v. Rhode Island Commerce Corporation (f/k/a Rhode Island Economic Development Corporation), Wells Fargo Securities, LLC, Peter M. Canada, Keith W. Stokes, and James Michael Saul
First Document Date 07-Mar-2016
Initial Filing Format Civil Proceeding
Case Number 16-cv-00107
Allegation Type Municipal Securities & Public Pensions
Federal District Court Rhode Island, District of Rhode Island

Violations Alleged

Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)
Additionally, Keith W. Stokes is alleged to have aided and abetted Rhode Island Commerce Corporation's violation of Sec 17(a)(2) of the Securities Act.
James Michael Saul is alleged to have aided and abetted Rhode Island Commerce Corporation's violation of Sec 17(a)(2) of the Securities Act.
Keith W. Stokes is alleged to have aided and abetted Rhode Island Commerce Corporation's violation of Sec 17(a)(3) of the Securities Act.
James Michael Saul is alleged to have aided and abetted Rhode Island Commerce Corporation's violation of Sec 17(a)(3) of the Securities Act.

Resolutions

First Resolution Date 03-Apr-2017
Headline Total Penalty and Disgorgement $50,000

Related Documents:

comp-pr2016-37 07-Mar-2016 Complaint
Complaint
LR-23480 07-Mar-2016 Litigation Release
SEC Charges Rhode Island Agency and Wells Fargo with Fraud in 38 Studio Bond Offering
2016-37 07-Mar-2016 Press Release--Civil Action
SEC Charges Rhode Island Agency and Wells Fargo With Fraud in 38 Studios Bond Offering
LR-23796 03-Apr-2017 Litigation Release
SEC Obtains Final Judgment Against Rhode Island-Based Issuer of 38 Studios Bonds
court_doc65_16-cv-00107 03-Apr-2017 Court Docket Document
Final Judgment as to Defendant Rhode Island Commerce Corporation f/k/a Rhode Island Economic Development Corporation
On April 3, 2017, the Court issued a final judgment as to Defendant Rhode Island Commerce Corporation, stating: "Defendant Rhode Island Commerce Corporation . . . consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."

Other Defendants in Action:

Wells Fargo Securities LLC
James Michael Saul
Keith W. Stokes
Peter M. Cannava

Related Actions:

In the Matter of First Southwest Company, LLC
First Southwest Company, LLC