United Neighborhood Organization of Chicago: Rangel agreed to pay a $10,000 penalty and be barred from participating in any future municipal bond offerings to settle the SEC charges, according to Market Watch. The SEC settled with UNO in 2014 for defrauding investors in the same 2011 bond offering. The Securities and Exchange Commission will settle with Juan Rangel, the former President of UNO Charter School Network Inc. and former CEO of United Neighborhood Organization of Chicago, for his role in a misleading $37.5 million bond offering to build three charter schools in the city, the regulator said Tuesday. We allege that Juan Rangel signed off on the offering document without even reading it, said David Glockner, regional director of the SEC Chicago Regional Office. The SEC complaint alleged that UNO breached a no-conflict agreement when, at Rangel direction, it contracted with UNO chief operating officer brothers — conflicted transactions that, if demanded to be repaid by the Illinois Department of Commerce and Economic Opportunity, could have threatened UNO ability to repay bond investors. This kind of negligent behavior is unacceptable in the securities markets.
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Tagged under United Neighborhood Organization of Chicago, Securities Exchange Commission topics.