Rhode Island

The Securities and Exchange Commission is using Peter Cannava, a banker involved in an ill-fated private placement for a startup video game company, as a scapegoat and has no basis for charging him with defrauding investors, his lawyers claimed this week.

The Rhode Island Infrastructure Bank closes $6 million in loans for repair projects through the municipal road and bridge revolving fund.

Veteran banker Jeffrey Diehl will direct the nascent Rhode Island Infrastructure Bank, its board of directors announced.

Rhode Island Commerce Corp., whose predecessor agency the SEC charged with defrauding investors in the 38 Studios bond fiasco, says the filing parallels its own clawback attempts.

The Securities and Exchange Commission on Monday charged a Rhode Island agency, its underwriter, and three individuals associated with $75 million of 2010 bonds for a startup video game company with defrauding investors by not revealing the complete financial status of the company or the extent of the compensation arrangement with the underwriter.

Establishing a debt management bureau within his office will make Rhode Island more self-sufficient in that practice, said state Treasurer Seth Magaziner.

Rhode Island Gov. Gina Raimondo named Providence Equity Partners executive Robert S. Hull to lead the Department of Revenue, pending state Senate approval.

Rhode Island Gov, Gina Raimondo signs a sweeping $500 million bridge-and-road improvement bill that includes a controversial tolls for large trucks.

Rhode Island received 27 applications for an initial $25 million in Efficient Building Fund financing, says state General Treasurer Seth Magaziner.

Rhode Island Gov. Gina Raimondo continued her theme of jobs and economic development in submitting her $9 billion budget for fiscal 2017, which includes $230 million in bond requests.