The UNO Charter School Network Inc. Accused of Defrauding Investors
The UNO Charter School Network Inc. and the United Neighborhood Organization of Chicago were charged with defrauding investors by the US Securities Exchange Commission in a bond regarding school constructions.
The Peiffer Rosca securities practice attorneys Alan Rosca and Joe Peiffer are investigating the matter.
UNO failed to disclose the fact that they had approved contracts to two companies which were owned by the brothers of its chief operating office. This was a direct violation of the conflict of interested provision, according to the SEC. Investors were not aware of UNO’s diminished ability to pay its bonds caused by their risky placement of the project’s main funding, the grant money. UNO is resolving the charges by implementing changes to its internal procedures and training, as well as by their appointment of an independent monitor.
Investors who believe they lost money as a result of their investment with UNO may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.