Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Thursday, March 28, 2024 | Back issues
Courthouse News Service Courthouse News Service

Charter School Operator|Settles With SEC

CHICAGO (CN) - A Chicago charter school operator on Monday entered a consent decree to settle SEC charges of defrauding investors in a $37.5 million bond offering.

The SEC claims that the UNO Charter School Network and the United Neighborhood Organization of Chicago made misleading statements about transactions involving a conflict of interest: failing to disclose a multimillion-dollar contract with a company owned by the brother of one of its senior officers, and failing to tell investors about the effect the conflict could have on its ability to repay the bonds.

UNO settled by agreeing improve its procedures and accept an independent monitor.

The consent decree was signed by United Neighborhood Organization of Chicago Chairman Pastor Freddy Santiago.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...