Minnesota Attorney General Keith Ellison announced today that he has reached a settlement agreement with former Hmong College Prep Academy (“HCPA”) superintendent Christianna Hang.  In the settlement, Hang has agreed to pay the Attorney General’s Office $220,000 to settle nonprofit breach-of-fiduciary duties claims arising from her loss of over $4 million of the school’s assets in a risky and illegal investment in a hedge fund. The Office will pay the money to HCPA to partially restitute it for its loss.

“The lapse in judgment that led Ms. Hang to invest millions of nonprofit assets into an obscure hedge fund is truly astonishing,” said Attorney General Ellison. “I am pleased that we were able to obtain as much relief as possible for Hmong College Prep Academy in this action. This lawsuit is an important reminder of why nonprofit directors and officers are required under Minnesota law to act in the best interest of their organization. No nonprofit leader should take funds meant to advance their charitable mission and instead sink those funds into risky and illegal investments. I will continue working to improve transparency and accountability in Minnesota’s nonprofit sector, and I encourage Minnesotans with concerns about the mismanagement of charitable assets to contact my office.”