ISBE is pretty weak and wouldn't remove the board and I'm not sure they should remove elected folks. I was in Detroit when they sent in a receiver that removed all of our elected people, who were definitely corrupt but it felt very undemocratic and authortiarian.
The securities fraud thing (lying on the lease certificate) I think is a pri…
ISBE is pretty weak and wouldn't remove the board and I'm not sure they should remove elected folks. I was in Detroit when they sent in a receiver that removed all of our elected people, who were definitely corrupt but it felt very undemocratic and authortiarian.
The securities fraud thing (lying on the lease certificate) I think is a private issue between the bond holders and the District, so maybe they don't even care!
"The securities fraud thing (lying on the lease certificate) I think is a private issue between the bond holders and the District, so maybe they don't even care!"
My partner is a lawyer in the securities world, and I asked her if this is true, and she said that while the bond holders certainly could have a civil course of action against D65, lying on documents such as the board would have had to sign could involve potential criminal penalties for securities fraud. TL;DR - lying on loan applications is a crime no matter who does it.
ISBE is pretty weak and wouldn't remove the board and I'm not sure they should remove elected folks. I was in Detroit when they sent in a receiver that removed all of our elected people, who were definitely corrupt but it felt very undemocratic and authortiarian.
The securities fraud thing (lying on the lease certificate) I think is a private issue between the bond holders and the District, so maybe they don't even care!
"The securities fraud thing (lying on the lease certificate) I think is a private issue between the bond holders and the District, so maybe they don't even care!"
My partner is a lawyer in the securities world, and I asked her if this is true, and she said that while the bond holders certainly could have a civil course of action against D65, lying on documents such as the board would have had to sign could involve potential criminal penalties for securities fraud. TL;DR - lying on loan applications is a crime no matter who does it.
Let’s find out who regulates this and tell them!
My suggestion is the DoE Ombudsman who might be able to work with the SEC
(Googling DoE ombudsman)
Oops. I meant the DoE OIG:
https://oig.ed.gov/