Former CFO Sentenced for Embezzling Over $8 Million from Long Island School

David Ostrove, ex-CFO of the Schechter School, faces up to 25 years in jail after a lavish spending spree funded by stolen school funds.

David Ostrove, 52, was convicted of first-degree grand larceny and money laundering for embezzling over $8 million from the Schechter School's funds.
Ostrove used the stolen funds to purchase luxury beach houses, expensive cars, and a collection of rare items, including funding his daughter's college education.
The embezzlement, which lasted nearly a decade, was facilitated through multiple shell companies and fraudulent schemes, including a gift card program.
Ostrove faces a possible sentence of 8⅓ to 25 years in jail, with sentencing scheduled for April 17.
The Schechter School has filed a separate civil claim against Ostrove, seeking over $35 million in compensatory and punitive damages.