Background: A screenshot from the introduction video of Schechter School of Long Island is shown on YouTube. Inset: David Ostrove from Suffolk County District Attorney’s Office.
For over ten years, David Ostrove took around $8.4 million from a private school where he was the chief executive. He used the money to support his luxurious lifestyle, including purchasing beach houses and going on shopping sprees for luxury items such as a classic 1965 Mustang and jewelry. New York The Suffolk County District Attorney’s Office issued a statement after Ostrove was sentenced to 8 1/2 to 25 years in prison for the theft. They noted that Ostrove will have to return all the money he stole. A jury found the 52-year-old guilty of grand larceny and money laundering last month.
The District Attorney’s Office in Suffolk County issued a statement following the sentencing of Ostrove to 8 1/2 to 25 years in prison for theft. They mentioned that Ostrove will be obligated to return every cent he stole. Last month, a jury convicted the 52-year-old on charges of grand larceny and money laundering. statement Ostrove served as the chief financial and technology officer for the private K-12 Schechter School on Long Island. He funneled millions from the school’s accounts into his personal accounts from March 2014 to April 2022, according to prosecutors who presented the evidence during the trial.
Using that money, he bought several vehicles including a 1965 Mustang, a Lincoln Aviator, and a Mercedes-Benz. He also purchased five beach houses on New York’s Fire Island and acquired each one through a shell corporation to conceal his identity. Ostrove then spent $1.4 million on renovations for the homes and made over $600,000 in profits after renting them out.
All the cars and houses have been confiscated.
The illicit funds were also used to pay for his daughter’s college tuition, home equity loans, and expensive political memorabilia and coins. Evidence demonstrated that Ostrove also turned these items for a profit. In total, he withdrew at least $1 million in cash and went on shopping sprees where he purchased high-end clothing and jewelry or took “limousine trips,” as stated by the Suffolk County District Attorney’s Office.
Apart from repaying the entire $8.4 million he stole, Ostrove was mandated to pay an extra $500,000 for each of the shell corporations he operated.
Suffolk County District Attorney Raymond Tierney said, “This sentence sends a clear message that we take white collar crime extremely seriously here in Suffolk County. We are satisfied that with both the verdict and sentence that justice has been attained for all of the students, staff, and the community at the Schechter School.”
Fox Business reported on Thursday that attorney Steven Bertolino, who represented the parents of Brian Laundrie in the Gabby Petito murder case, once ejected Ostrove from his office.
“Back when he was flushed with other people’s money, he was a pompous a–,” Bertolino told the outlet. For over ten years, David Ostrove took roughly $8.4 million from a private school in Long Island where he was the chief executive, using funds meant for the school to support his luxurious lifestyle including buying beach houses and renting them out for profit, as well as going on expensive shopping sprees for items like a classic 1965 Mustang and jewelry. Brian Laundrie‘s parents in the Gabby Petito murder case, once threw Ostrove out of his office.
“Back when he was flushed with other people’s money, he was a pompous a–,” Bertolino told the outlet.