According to an investigative report by Dan Mihalopoulos "SEC charges UNO with defrauding investors, warns probe 'not done' (Chicago Sun Times 6/2/2014)"
The SEC is currently investigating UNO, a non-profit charter school that hired friends and family to obtain sole source contracts for personal gain. http://ow.ly/xztae
This steal is only $37.5 Million.
On July 1, 2011, Navy Pier Inc. a bogus non-profit put into motion by Jim Reilly, Trustee at MPEA, in cahoots with former General Counsel, now "independent consultant" Renee Benjamin granted a 25 year - $1 Per Year Sole Source Management contract to the former MPEA employees who were responsible for the deficit and mismanagement of Navy Pier.
At that time, $100 Million of taxpayer assets were shifted into Navy Pier Inc along with all of the annual revenue producing contracts that total $43 Million per year.
What could Mayor Emanuel and Governor Quinn do with their 50/50 split of any profits from the $43 Million? Perhaps use the money towards the pension shortfall?
The original transfer moved $60 Million of Municipal Bonds from MPEA to NPI without investor approval. This act rendered tax free bonds, taxable. This will come as a surprise when the investors redeem their bonds.
Now, under a FOIA, Corruption Busters just obtained information that a 3rd Amendment has been approved authorizing transfer of an additional $55 Million for Navy Pier improvements.
NPI is currently under investigation by the IRS for running a for-profit business under the veil of a non-profit. They have raised NO DONATIONS required under an IRS 501C3 filing since inception in 2011. However, all of their activities are revenue producing and mirror operations of a FOR PROFIT entity.
We have previously reported that Marilynn Gardner and Dan Blondin, former MPEA employees, have dramatically increased their personal salaries with the proceeds from the revenue at NPI; all at taxpayer expense. http://ow.ly/xzzyQ
This steal is now $60 Million plus the new $55 Million. Makes the UNO deal pale by comparison!
We call for an SEC probe and charges to recover taxpayer funds improperly transferred.