Ex-Chicago charter school boss settles securities fraud case

CHICAGO (AP) — The former executive of a Chicago charter school group has agreed to settle securities fraud charges.

The Securities and Exchange Commission announced Tuesday that former United Neighborhood Organization leader Juan Rangel will pay the $10,000 fine without admitting wrongdoing.

UNO came under federal scrutiny and Rangel resigned in 2013 after a published report that the Hispanic community group paid millions of dollars from of a state grant to companies owned by two brothers of a high-ranking UNO executive.

The SEC said Rangel broke the law when he approved and signed documents related to an UNO bond sale in 2011 that didn’t disclose the transactions.

Rangel told the Chicago Sun-Times he takes for responsibility “for not reading the document” and relying on others to inform him of its contents.