The UNO Charter School Network Inc. Accused of Defrauding Investors

Investment fraud lawyersThe 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.

Alan Rosca (1252 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.