Traffic map
Article updated: 10/17/2013 11:26 AM

United Neighborhood Organization reports SEC probe

  • Article
text size: AAA
By Associated Press

Officials of United Neighborhood Organization say Illinois' largest charter school operator is being investigated by the Securities and Exchange Commission.

The Chicago Sun-Times reports an UNO spokesman says the organization's charter-school network last month received a request for documents from the SEC. The organization declined to say what information the federal agency requested.

Advertisement

An SEC spokesman declined to comment.

UNO has been the center of recent controversy. A top executive, Miguel d'Escoto, resigned earlier this year after reports the organization gave $8.5 million of business to companies owned by d'Escoto's brothers.

In addition to state funds, the organization receives millions of dollars annually from Chicago Public Schools to operate its schools.

UNO also received $37.5 million from Wall Street interests though state-approved bonds, over which the SEC has jurisdiction.

Comments ()
We are now using Facebook comments to offer a more inclusive, social and constructive discussion. Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.

This article filed under

Business Video
Area Business Calendar

BusinessDirectory

Connect with a business or service in your area fast. First select a town, then enter a search term or choose one of the listed popular searches:

Don't see your town listed? Visit our full directory to begin your search.

MostViewed

Today
Yesterday
Most Commented
Top Jobs

    View all Top Jobs Place a job ad

    DHExtras

       
    • Newspaper next section - Newspaper next section Report card checker - report card checker
    • Dh innovation award 2 - Dh innovation award 2 Zillow /real estate page
    • Discuss refer On Guard series
    • Newspaper archives -- Monday or anyday Mike North

    FacebookActivity