The proposed settlement announced in the U.S. District Court in Providence by Wells Fargo and the SEC still awaits a federal judge's approval. Per agreement, the bank has neither accepted nor denied any wrongdoing. Moreover, on the judge's approval, Wells Fargo would be banned from violation of municipal securities and other laws permanently. Background In March 2016, the SEC's investigation revealed that Schilling's company — 38 Studios — failed to produce a multi-player online game in the market at the stipulated time due to shortage of financing.