What you should know
- CFO of a Long Island private school allegedly steals more than $8 million from the school and uses it to buy houses.
- He also bought cars for himself and his family.
- He has been prosecuted on charges of grand theft and money laundering, he faces 25 years in prison.
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NEW YORK — The CFO of a Long Island private school allegedly stole more than $8 million from the school which he used to buy five Fire Island homes and numerous cars for himself and his family, the District Attorney’s Office said Monday. of Suffolk County.
David Ostrove, 51, also managed technology and operations for the Schechter School in Williston Park, where he worked for 11 years.
Prosecutors allege that from March 2014 to April 2022 he used school accounts to transfer money to his personal accounts and then moved other funds to accounts he controlled to cover up the theft.
The District Attorney’s Office alleges that Ostrove bought five houses on Fire Island between 2018 and 2021 using shell companies and then used allegedly stolen money to renovate them as rental properties. As a result, he reportedly earned more than $600,000 in rental income.
Prosecutors also say Ostrove bought four cars (including a 1965 Mustang), jewelry, limousine rides, sports memorabilia and collectible coins. In addition, they allege that he used the stolen funds to pay his daughter’s college tuition.
Ostrove was arraigned Monday on grand theft and money laundering charges and was ordered held on $500,000 cash bail or $2 million bail. He faces up to 25 years in prison.
It is unknown if he has a lawyer.
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