Charter school leader to resign following hedge fund losses
ST. PAUL, Minnesota (AP) – The founder of a charter school in St. Paul who lost $ 4.3 million in a hedge fund investment is stepping down as superintendent and chief financial officer, the board said. administration of Hmong College Prep Academy in a publication on its website.
The board said it plans to meet on Monday to vote on Christianna Hang’s resignation letter, which was submitted days after the state auditor’s office determined that the school did not had broken state law and her own policies when she invested $ 5 million in the hedge fund.
State Auditor Julie Blaha said her office did not blame anyone for the school’s losses, although the office sent its findings to the Ramsey County District Attorney’s office for possible action, the office reported. Star Tribune.
The school opened in 2004 with 200 Grades 9 and 10 students, according to its website, and has since undergone several expansions on what is now a sprawling K-12 campus.
The school is the destination of choice for families who decide not to send their children to St. Paul’s public schools. He was looking to fund a new college when he invested in the hedge fund in 2019, according to federal court documents filed by the school and the hedge fund, Woodstock Capital LLC.
The school sued the hedge fund for fraud and negligence. Woodstock Capital attributed the losses to the pandemic.