St. Paul charter school failed to comply with state law in hedge fund investment, state auditor finds
Hmong College Prep case forwarded for review by Ramsey County Attorney
October 19, 2021
A state auditor's investigation has determined that Hmong College Prep Academy (HCPA) in St. Paul failed to comply with Minnesota law in a hedge fund investment that cost the school $4.3 million, and the findings have been forwarded to the Ramsey County Attorney's Office for possible action.
"Not only did the charter school fail to follow Minnesota law, it did not follow its own investment policies," State Auditor Julie Blaha said in a statement accompanying release of the investigative report Monday. "This situation demonstrates why the law does not allow risky investments by public schools."
The auditor's report also described as "reasonable and appropriate" a corrective action plan set out by Bethel University, the school's authorizer, which recommends the firing of Christianna Hang, the school's superintendent and founder.