RISP following 38 studios 'money trail'

WPRI TV

By Walt Buteau, Target 12 Investigator

Updated: Jul 2, 2012 9:04 PM

PROVIDENCE, R.I., (WPRI) The investigation into the 38 Studios money trail is inching forward with Rhode Island State Police detectives from another high profile white collar crime investigation now reassigned to the case involving Curt Schilling’s company.

State Police Colonel Steven O’Donnell said the two detectives were part of the team of six detectives, unraveling the details surrounding how the Institute for International Sport spent millions in state and private grant money.

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Colonel O’Donnell said the main focus in the 38 Studios case continues to be the $75 million loan guarantee, granted by the Economic Development Corporation to Curt Schilling's company in July of 2010.

“We always look at the money trail. When the money comes in, (we investigate) how it came in and then where it went. So, it's a trail in and out that we look at,” O’Donnell said.

Among the detectives tracking whether or not any laws were broken along that trail that involves millions of dollars in taxpayer backed money, is a pair of officers who are new to the financial crimes unit but they bring important expertise.

“We added two more detectives to that unit. They're accountants by trade,” O’Donnell said.

While accounting skills are one key to digging through financial documents for potential evidence in this type of case, Colonel O’Donnell said the time frame for the investigation remains an unknown.

“It's an inconsistent science. You have to remember, there are multiple interviews and those interviews lead to other interviews,” O’Donnell said. “Then you have computers and you have to mirror computers.”

As it’s been since the investigation began the first week of June, Rhode Island State Police are working with the Rhode Island Attorney General, the FBI and the Rhode Island U.S. Attorney’s office on the 38 Studios investigation.

Send your news tips to Walt Buteau at wbuteau@wpri.com and f ollow Walt on Twitter: @wbuteau

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