SEC Settling With Former Charter School President Charged With Defrauding Investors
The SEC plans to settle with the UNO Charter School Network’s former president for pushing a misleading $37.5M bond offering to build charter schools in Chicago.
Juan Rangel will shell out $10k and be barred from any future participation in municipal bond offerings, MarketWatch reports. This isn't the first time UNO has been in trouble—in 2014 the SEC settled with it for defrauding investors in the same 2011 bond offering.
Funding charter schools is a politically heated issue in Chicago. The schools often rely on both public and private money, and the practice has been strongly supported by Republican Gov. Bruce Rauner. But the issue is heavily debated, and news of this most recent investor fraud will only add fuel to the fire. [MW]