Schilling will not face federal criminal charges after the U.S. Attorney's office looked into whether or not the 45-year-old had broken any federal laws, such as bank fraud.
"No further federal action is planned at this time," spokesman Jim Martin told the Associated Press.
That is not to say that Schilling is completely out of the woods. He could still face criminal charges on a state level, and Rhode Island police announced that they are still pursuing leads. Additionally, the state government has reportedly hired a law firm to
investigate if anyone could be held financially responsible for the deal that it signed with 38 Studios, in which Rhode Island lost upwards of $100 million.
The former right-hander, who currently works for ESPN as an analyst, claimed to have lost some $50 million of his own personal funds as a result of 38 Studios' failing. The company filed for Chapter 7 bankruptcy back in June.