Fraudster finance boss is sentenced to eight-and-a-half years in prison for ... trends now
The finance director of a prestigious Long Island private school has been sentenced to eight to 25 years in prison after being found guilty of stealing more than $8 million to buy a portfolio of homes, classic cars and jewelry.
Fraudster David Ostrove, 52, spent 10 years as the CFO at $26,000-a-year Schechter School of Long Island.
It was during that time while he in such a trusted position he was able to siphon millions of dollars from the school's coffers through shell corporations.
During his sentencing, Ostrove was told that he will need to repay all the money he stole.
Among his extravagances, Ostrove purchased five lavish properties in Ocean Beach on New York's Fire Island, a 1965 Ford Mustang, and collections of sports memorabilia.
He also used some of the stolen cash to pay for his daughter to go to college and buy political and sports memorabilia together with designer clothing and jewelry. He also went on some flashy vacations.
Fraudster David Ostrove, 52, has been sentenced to eight to 25 years in prison after being convicted of siphoning $8 million from his school's coffers through shell corporations
Ostrove used the funds to purchase homes on Fire Island and rent them out, receiving over $600,000 in profit
Following his conviction, Suffolk District Attorney Raymond Tierney said: 'While David Ostrove was entrusted to manage this money to benefit the children of the Schechter School, he was secretly lining his own pockets.
'The jury here concluded that the defendant's lavish lifestyle was funded using the tuition dollars of the hardworking parents of the Schechter School students and, thankfully, the jury held him accountable,' Tierney said.
The prosecutor said he began the fraud scheme in 2014, using five different shell operations to siphon millions.
According to a $35 million lawsuit the school filed against Ostrove in January, he would hide the funds by setting up a PayPal account in the school's name and depositing the stolen money into it.
And in 2018, he also set up a
