The Minnesota Attorney General has filed a lawsuit against Christianna Hang, the former superintendent of Hmong College Preparatory Academy, for an investment scandal that cost the school more than $4 million. Hang allegedly made a risky investment of $5 million with hedge fund Woodstock Capital without approval from the school’s board of directors, violating state laws and the school’s investment policy. This lawsuit comes more than three years after an investigation began into potential violations of nonprofit and charitable solicitation laws. Hang resigned in 2021 after a state auditor report found the investment of public money was illegal. The Attorney General is seeking to recover the funds and hold Hang accountable while also implementing additional controls and training for board members at Hmong Prep. The school has stated they have cooperated with the investigation and have put systems in place to meet the requests of the Attorney General. Previous directors, officers, and family members of the school have also been found to have engaged in self-dealing or conflicted transactions totaling hundreds of thousands of dollars. Hmong Prep had previously sued Woodstock Capital over the investment losses, and a tentative settlement has been reached but the amount has not been disclosed. The lawsuit aims to protect the education of students attending Hmong Prep and ensure accountability for the mishandled funds.
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