Saturday, November 7, 2015

Schooling in the Ownership Society: UNO corruption just the 'tip of the iceberg'. Billions lost to waste, fraud and corruption annually in privately-run charters

Schooling in the Ownership Society: UNO corruption just the 'tip of the iceberg'. Billions lost to waste, fraud and corruption annually in privately-run charters:

UNO corruption just the 'tip of the iceberg'. Billions lost to waste, fraud and corruption annually in privately-run charters

UNO boss Juan Rangel was Rahm Emanuel's campaign chairman in 2011.  




Chicago's $80-million/year UNO charter scandal, adds significantly to the estimated $200 million which will be lost this year alone to charter school waste, fraud, and corruption. That estimate is only "the tip of the iceberg" according to a report issued last April, by the Center for Popular Democracy and the Alliance to Reclaim Our Schools. It based on a study of only about one-third of the states with charter schools.

According to the report:

The number of instances of serious fraud uncovered by whistleblowers, reporters, and investigations suggests that the fraud problem extends well beyond the cases we know about. According to standard forensic auditing methodologies, the deficiencies in charter oversight throughout the country suggest that federal, state, and local governments stand to lose more than $1.4 billion in 2015.
In 2014, the Federal Securities and Exchange Commission (SEC) charged UNO Charter School Network with defrauding investors in a $37.5 million bond offering for school construction by making materially misleading statements about transactions that presented a conflict of interest. According to the SEC’s complaint, UNO failed to notify the state of two construction contracts totaling $12.9 million with the brothers of one of UNO’s top executives. Additionally, the charter school operator failed to notify bond investors that the state could take the loan that the bond was assured Schooling in the Ownership Society: UNO corruption just the 'tip of the iceberg'. Billions lost to waste, fraud and corruption annually in privately-run charters:

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