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Ex-Employee Accused Of Stealing $8.4 Million From NY Private School

A 51-year-old man was indicted for allegedly stealing $8.4 million from a New York private school during the 11-year period when he worked there. A 51-year-old man was indicted for allegedly stealing $8.4 million from a New York private school during the 11-year period when he worked there.
A 51-year-old man was indicted for allegedly stealing $8.4 million from a New York private school during the 11-year period when he worked there. Photo Credit: Pixabay/NikolayFrolochkin
Schechter School of Long Island Schechter School of Long Island
Schechter School of Long Island Photo Credit: Google Maps street view

A 51-year-old man was indicted for allegedly stealing $8.4 million from a New York private school during the 11-year period when he worked there.

Long Island resident David Ostrove, of West Islip, was indicted on charges of first-degree grand larceny and first-degree money laundering for allegedly stealing from the Schechter School of Long Island, located in Nassau County, in Williston Park, while he worked as chief financial and technology officer and director of operations, according to an announcement from Suffolk County District Attorney Raymond Tierney on Monday, July 25.

“As alleged in the indictment, this defendant was trusted to oversee and safeguard the funds of this institution, however, he violated that trust and instead stole money earmarked to educate children to fund his own lavish lifestyle,” Tierney said. “These alleged violations are clearly not only a breach of the trust between an employee, employer, and students, they are against the law.”

Investigators found that Ostrove used the school's PayPal and Stripe accounts to transfer funds to his personal account between March 2014 and April 2022, according to the announcement 

He then allegedly sent the school's funds to multiple bank accounts where he was the only account holder, Tierney said.

The DA's Office said Ostrove is accused of using the funds to pay for:

  • A 1965 Mustang
  • A 2021 Lincoln Navigator 
  • Two Mercedes Benz vehicles
  • Five houses on Fire Island between 2018 and 2021 
  • College tuition for his daughter
  • Equity payments for his West Islip home
  • Travel expenses
  • Products from clothing and jewelry stores
  • Expensive sports memorabilia 
  • Limousine trips
  • Collectible coins

He also used the funds to pay for more than $1.4 million in renovations on the homes, according to the report.

Ostrove's next court date is set for Monday, Aug. 1, Tierney said.

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