Tuesday, June 3, 2014

CALL FOR SEC INVESTIGATION OF METROPOLITAN PIER & EXPOSITION AUTHORITY FUNNELING AN ADDITIONAL $60 MILLION IN MUNICIPAL TAXPAYER BONDS TO NAVY PIER INC. NON PROFIT

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. 

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