A Long Island administrator has been charged with stealing $8.4 million from the private religious school where he worked, using the money to buy five homes, a fleet of luxury and collector vehicles, pay college tuition and a host of other personal items.
David Ostrove, a 51-year-old resident of West Islip, was charged Monday with grand larceny and money laundering, for allegedly stealing from the Schechter School of Long Island, a Jewish Day School where he worked as chief financial and technology officer, and director of operations, during an 11-year tenure.
Prosecutors alleged Ostrove transferred a total of $8.4 million in funds from the school’s account to his own personal PayPal since 2014. Ostrove allegedly purchased five houses on Fire Island between 2018 and 2021 using a series of shell companies to conceal his identity. He was also accused of spending $1.4 million to make renovations on the Fire Island homes, and collecting a total of $600,000 in rental income on the properties, prosecutors added.
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