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.

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