WEST ISLIP, NY –A former Lengthy Island personal college official who stole over $8.4 million from the college over 11 years was sentenced to eight 1/3 to 25 years in jail immediately, in line with Suffolk County District Lawyer Ray Tierney.
David Ostrove, a former chief monetary and know-how officer for the Schechter Faculty of Lengthy Island in Williston Park, was found guilty by a jury March 12 of first-degree grand larceny and first-degree cash laundering, each Class B felonies, Tierney stated.
At present, Justice John Collins sentenced Ostrove and ordered him to pay for the total $8.4 million in restitution. As well as, every of Ostrove’s companies have been fined $500,000.
“This sentence sends a transparent message that we take white collar crime extraordinarily significantly right here in Suffolk County,” stated Tierney. “We’re glad that with each the decision and sentence that justice has been attained for all the college students, employees, and the group on the Schechter Faculty.”
With the cash he stole, Ostrove purchased and renovated 5 seaside homes on Fireplace Island between 2018 and 2021; the properties have been bought below 5 totally different shell companies, which helped to protect him from being recognized because the proprietor, prosecutors stated. The businesses have been included with the New York State Division of State inside days of the properties’ purchases.
Ostrove obtained about $600,000 in rental revenue on them, the DA stated.
He additionally purchased a 1965 Mustang, a 2021 Lincoln Navigator and two Mercedes Benz automobiles, which he registered to his spouse and daughter, prosecutors saiad.
As well as, Ostrove used the funds for his daughter’s faculty tuition; house fairness funds for his West Islip residence; journey bills; the acquisition of pricey sports activities memorabilia and collectible cash, which he would then public sale off for revenue; purchases at high-end clothes and jewellery shops; limousine journeys; and greater than $1 million in money withdrawals, Tierney stated.
Based on officers, the automobiles and actual property have been seized pursuant to a courtroom order obtained by the DA’s workplace in a separate civil forfeiture continuing. That civil case continues to be pending and can resume quickly.
When Ostrove was discovered responsible in March, his company, BND Avenue Traders, Inc., was discovered responsible of first-degree cash laundering, Tierney stated.. His different companies, TD—Companions Fairness, Inc., Elliso Holdings, Inc., Triangle Properties F.I., Inc., and Bayview Leases Inc.— have been every discovered responsible of second-degree cash laundering, a Class C felony, the DA stated.
Ostrove was represented by Ralph Franco, Esq. Franco was not instantly obtainable for remark.
