Sunday, August 7, 2022

Head of charter school quits after hedge fund losses

ST. PAUL, Minnesota (NWN) – Founder of St. Paul’s Charter School, which lost $ 4.3 million in hedge fund investments, is stepping down as Superintendent and CFO, Hmong College Prep Academy Board said on its website …

The board said it plans to meet on Monday to vote on Kristianna Hang’s letter of resignation, which was filed days after the state audit service determined the school was not complying with state laws and its own policies when it invested $ 5 million in a hedge. -fund.

State auditor Julie Blaha said her office is not blaming anyone for the school’s losses, although the office has sent its findings to Ramsey County’s attorney’s office for possible action, Star Tribune reported.

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The school opened in 2004 for 200 ninth and tenth graders, according to its website, and has since gone through several expansions into what is now a sprawling campus for grades K-12.

The school is the best place for families who choose not to send their children to St. Paul’s public schools. The company was seeking funding for a new high school when it invested in a hedge fund in 2019, according to federal court filings filed by the school and hedge fund Woodstock Capital LLC.

The school is suing the hedge fund for fraud and negligence. Woodstock Capital attributed the losses to a pandemic.

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