CHICAGO (AP) — The Securities and Exchange Commission has charged a Chicago charter school operator with defrauding investors.
The SEC announced the charges Monday against UNO Charter School Network Inc. The SEC alleges the school operator and United Neighborhood Organization of Chicago failed to disclose a multimillion-dollar contract with a windows company owned by the brother of one of its senior officers. The SEC alleges investors in a $37.5 million bond offering for school construction weren’t informed about the transaction’s potential financial impact.READ MORE: ISP License Plate Readers Already Proven Effective In Catching Suspects In Carjackings, Expressway Shootings
UNO is settling the charges by agreeing to improve its procedures and by appointing an independent monitor.READ MORE: State Giving Free At Home COVID Test To People In 14 Counties; Where To Sign Up
Miguel d’Escoto left UNO in February after the Chicago Sun-Times reported that $8.5 million had gone to companies owned by his relatives.
A phone message seeking comment from UNO wasn’t immediately returned.MORE NEWS: Judge OKs Agreement To Destroy Gun Used By Kyle Rittenhouse; $2 Million For His Bail At The Center Of A Legal Fight
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