October 22, 2016 3:56 PM ET

Commercial Services and Supplies

Company Overview of Rhode Island Commerce Corporation

Company Overview

Rhode Island Commerce Corporation offers client services and financing programs focusing on economic development of the state Rhode Island. The institution provides financing, business development, partnership, workforce development and training, market data, government procurement, international trade and export, site selection, and advisory services. Additionally, it offers Enterprise Zone Program, a program which provides tax incentives to businesses that expand its workforce at facilities located in state enterprise zones. The institution focuses on consumer product, homeland security, defense, financial services, healthcare, life sciences, information technology, digital media, manufact...

315 Iron Horse Way

Suite 101

Providence, RI 02908

United States

Founded in 1974





Key Executives for Rhode Island Commerce Corporation

Chief Financial Officer
Managing Director of Urban Finance and Business Development
Managing Director Financial Programs
Executive Director
Age: 64
Legal Counsel
Compensation as of Fiscal Year 2016.

Rhode Island Commerce Corporation Key Developments

Rhode Island Commerce Corporation to Appoint Lara Salamano as New Chief Marketing Officer

Rhode Island Commerce Secretary Stefan Pryor announced that Ocean State native Lara Salamano will serve as the new Chief Marketing Officer at the Rhode Island Commerce Corporation. Salamano, a native Rhode Islander, graduated from the University of Rhode Island and comes to the Commerce Corporation after serving as Vice President for Partner Marketing for Pop Media. In this role she oversaw and executed strategic ad campaigns for clients focused on a 360 degree approach to marketing, working across multiple demographics, target audiences, age groups, and platforms. As the Chief Marketing Officer, Salamano will lead the coordinated, data-driven statewide marketing campaign to bring more tourists and more businesses to Rhode Island. She will start on July 11, 2016.

Securities and Exchange Commission Charges Rhode Island Economic Development Corporation and Wells Fargo Securities with Fraud in 38 Studios Bond Offering

The U.S. Securities and Exchange Commission charged a Rhode Island agency and its bond underwriter Wells Fargo Securities with defrauding investors in a municipal bond offering to finance startup video game company 38 Studios. The Rhode Island Economic Development Corporation (RIEDC or Rhode Island Commerce Corporation) issued $75 million in bonds for the 38 Studios project as part of a state government program intended to spur economic development and increase employment opportunities by loaning bond proceeds to private companies. According to the SEC's complaint filed in federal district court in Providence: The RIEDC loaned $50 million in bond proceeds to 38 Studios. Remaining proceeds were used to pay related bond offering expenses and establish a reserve fund and a capitalized interest fund; The loan and, in turn, bond investors would be repaid from revenues generated by video games that 38 Studios planned to develop. The bond offering document produced by the RIEDC and Wells Fargo failed to disclose to investors that 38 Studios had conveyed it needed at least $75 million in funding to produce a particular video game; Therefore, investors weren't fully informed when deciding to purchase the bonds that 38 Studios faced a funding shortfall even with the loan proceeds and could not develop the video game without additional sources of financing. When 38 Studios was later unable to obtain additional financing, the video game didn't materialize and the company defaulted on the loan. The SEC also charged Wells Fargo's lead banker on the deal, Peter M. Cannava, and two then-RIEDC executives Keith W. Stokes and James Michael Saul with aiding and abetting the fraud. Stokes and Saul agreed to settle the charges without admitting or denying the allegations and must each pay a $25,000 penalty. They are prohibited from participating in any future municipal securities offerings. The SEC's litigation continues against Cannava, Wells Fargo, and RIEDC. In a separate administrative proceeding, the RIEDC's financial advisor for the bond offering - First Southwest Company LLC - agreed to settle charges that it violated MSRB rules by failing to document in writing the scope of the services the firm was providing in the bond offering until seven months after the financial advisory relationship began. Without admitting or denying the findings, First Southwest agreed to pay disgorgement of $120,000, prejudgment interest of $22,400, and a penalty of $50,000.

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