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David Ostrove, age 52, of West Islip, was found guilty of grand larceny and related charges in Suffolk County Court on Tuesday, March 12.
Prosecutors said Ostrove transferred over $8.4 million from Williston Park’s Schechter School of Long Island into his own personal accounts between March 2014 and April 2022.
During that time, he served as the school’s chief financial and technology office.
An investigation found that he later used the stolen money to fund a lavish lifestyle that included buying high-end cars and five beach houses on Fire Island. The homes were purchased using shell corporations in order to conceal Ostrove’s status as the owner, prosecutors said.
His fraudulent spending didn’t end there; investigators said $1.4 million went toward renovations to the beach houses, from which he then collected over $600,000 in rental income.
He also used the illegal proceeds to pay his daughter’s college tuition, to make payments on his home equity loan for his West Islip residence, and to buy expensive sports and political memorabilia, and collectible coins he planned to auction off.
Investigators determined that he also made more than $1 million in cash withdrawals and bought high-end clothing and jewelry, and limousine trips.
“While David Ostrove was entrusted to manage this money to benefit the children of the Schechter School, he was secretly lining his own pockets,” said Suffolk County District Attorney Raymond Tierney.
“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.”
In court Tuesday, Suffolk County jurors found Ostrove guilty of first-degree grand larceny and money laundering, both felonies. He faces up to 25 years in prison when he’s sentenced on Wednesday, April 17.
His corporations – TD Partners Equity, Inc., Elliso Holdings, Inc., Triangle Properties F.I., Inc., Bayview Rentals Inc., BND Street Investors, Inc. – also were found guilty of money laundering.
The Suffolk County District Attorney’s Office seized the vehicles and real estate. A separate civil case is still pending.
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