[3]: 87 Imagine Schools was founded by Dennis and Eileen Bakke with $155 million of the fortune Dennis had earned as chief executive officer of AES Corporation, a global energy provider which he co-founded in 1981.
[6] In 2015, Imagine Schools was ordered to pay a $1 million judgment as part of a self-dealing scheme.
As part of a complex arrangement, Imagine Schools had negotiated above market rents for its facilities, which it actually owned through a subsidiary.
[citation needed] Similar services are provided by for-profit entities known as education management organizations (EMOs).
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