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Curt Schilling, 38 Studios will not face fraud charges in Rhode Island

Curt Schilling's failed video game company will not face criminal charges on defrauding investors in the state of Rhode Island.

The company, 38 Studios, had defaulted on a $75 million loan from the state in 2012, after the release of one game. Taxpayers owed more than $100 million after the collapse

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The investigation included a statewide grand jury, document review, subpoenas and search warrants.

Schilling started the company after his playing career, and before his time as an analyst with ESPN. He was fired earlier this year for continually making inflammatory, often racist remarks on social media.