ST. PAUL, Minn. (AP) -- The founder of a St. Paul charter school that lost $4.3 million in a hedge fund investment is quitting as superintendent and chief financial officer.

The Hmong College Prep Academy board said in a posting on its website that it plans to meet Monday to vote on Christianna Hang's resignation.

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Her letter was submitted days after the state auditor’s office determined that the school failed to follow state law and its own policies when it invested $5 million in the hedge fund.

State Auditor Julie Blaha says her office was not assigning blame to anyone for the school’s losses. The auditor's office sent its findings to the Ramsey County Attorney’s Office for possible action.

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