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updated: 10/17/2013 11:26 AM

United Neighborhood Organization reports SEC probe

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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.

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.

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