St. Paul charter school loses $4.3M with illegal investment in New Jersey hedge fund
A St. Paul charter school last school year invested $5 million in a New Jersey hedge fund, in violation of state law, and most of that money may be lost forever.
Auditors working to close the books on Hmong College Prep Academy’s 2019-20 financials disclosed the mistake to the school’s board during an emergency meeting in December.
The school on Nov. 30 asked the hedge fund, Woodstock Capital Partners, to liquidate the investment, according to board meeting minutes. But multiple deadlines were missed, the hedge fund’s agent never showed up to board meetings, and the school ultimately received just $684,762.