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Charter School Operator Settles Muni-Bond Fraud Charges
SEC v. United Neighborhood Organization of Chicago, and UNO Charter School Network Inc.
- 2014
Defendants allegedly defrauded investors in a $37.5 million bond offering for school construction by making materially misleading statements about conflicts of interest, including not disclosing a multi-million-dollar contract with a windows company owned by the brother of a senior officer, and its potential impact on repayment the bonds. Settlement was based on defendants’ agreement to improve internal procedures and training, including the appointment of an independent monitor.
