SEC charges UNO with fraud. $37.5M from charter school 'investors"

Once you get past all the rhetoric about "business models" and charters sharing "innovations" with traditional schools, you're left with this.

Everyone in Chicago knows that UNO is too big to jail. But that didn't stop the U.S. Securities and Exchange Commission (SEC) on Monday from filing a complaint against Juan Rangel's UNO cabal, charging the clout-heavy Chicago charter school operator defrauded investors in a $37.5 million bond offering by misleading them about conflicts of interest in giving construction contracts to companies run by relatives of an UNO official.

Only surprise here is that a charter school can even raise $37.5M from "investors." Really?

That's different, I suppose, from the $98M investment in UNO charters made by Gov. Quinn, using taxpayer money. UNO leaders can shrug off the likely SEC fine. It will amount to chump change for them. And with backers like Mayor Emanuel and Boss Madigan, you can bet no one's going to jail on this.