The SEC accused UNO and its charter network of “making materially misleading statements” by failing to disclose a conflict of interest involving millions of dollars in state-funded school-construction contracts awarded to a company owned by a brother of the organization’s then-second-ranking executive.

Uno grew quickly with support from political figures including Illinois House Speaker Michael Madigan (D-Chicago), former Mayor Richard M. Daley and Emanuel.

via UNO charter schools now target of IRS audit over bonds | Early & Often.