{"id":5629,"date":"2014-06-02T00:00:00","date_gmt":"2014-06-02T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/06\/sec_charges_chicago_charter_sc"},"modified":"2022-03-11T08:55:08","modified_gmt":"2022-03-11T14:55:08","slug":"sec-charges-chicago-charter-sc","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-charges-chicago-charter-sc\/","title":{"rendered":"SEC Charges Chicago Charter School Operator in $3.75M Bond Offering Fraud"},"content":{"rendered":"\n

The Securities and Exchange Commission is charging United Neighborhood Organization of Chicago and UNO Charter School Network Inc. with bilking investors in a $37.5 million bond fraud<\/a> offering. The SEC contends that the charter school operator made statements that were materially misleading about transactions where there was a conflict of interest.<\/p>\n

The bond fraud offering involves school construction. According to the SEC, UNO did not disclose that it had a multi-million-dollar with a windows company that belonged to the brother of one of its senior officers. Investors also were not told that the conflict might impact the repayment of the bonds. <\/p>\n

UNO had entered into grant agreements with the Illinois Department of Commerce and Economic Opportunity to construct three schools. Each agreement had provisions mandating that UNO certify that there were no conflicts. Breach of this provision could lead to grant payment suspension and recovery of money paid to UNO already. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission is charging United Neighborhood Organization of Chicago and UNO Charter School Network Inc. with bilking investors in a $37.5 million bond fraud offering. The SEC contends that the charter school operator made statements that were materially misleading about transactions where there was a conflict of interest. The bond fraud offering […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3760,3761],"tags":[2826],"class_list":["post-5629","post","type-post","status-publish","format-standard","hentry","category-sec-enforcement","category-securities-and-exchange-commis","tag-bond-fraud"],"yoast_head":"\nSEC Charges Chicago Charter School Operator in $3.75M Bond Offering Fraud — Investor Lawyers Blog — June 2, 2014<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission is charging United Neighborhood Organization of Chicago and UNO Charter School Network Inc. with bilking investors — June 2, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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