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CHARTER SCHOOL FRAUD! Enron created thousands of “special purpose entities” (off-the-books partnerships) to hide its debt, thus tricking investors.; its collapse revealed the weaknesses of the gatekeepers. Now, individuals have been able to use related-party transactions to fraudulently funnel public money intended for charter schools into other business ventures that they control, profiting from excessive rents, and failing to explain how the costs might disrupt the school’s ability to pay for textbooks and teacher salaries. Because of insufficient oversight the use of fraudulent,related-party transactions at Enron was not stopped until it was too late. Similarly, examples here, reveal insufficient checks and balances in the charter school sector. In both cases, the monitors responsible for protecting charter schools found nothing wrong with the rental agreements.'
At www.lmtonline.com
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