Schechter School CFO Gets 25 Year Prison Sentence

By Chris O'Neill

The former Chief Financial Officer of the Schechter School in Williston Park, David Ostrove, was slammed as a "charlatan and a thief" by the trial Judge and sentenced to 8 1/2 to 25 years in prison for stealing $8.4 Million from the school.

Ostrove was found "guilty" by a jury in early March, and was sentenced this week by Judge John Collins to the maximum prison sentence.

The Schechter School is a K to 12 Jewish day school that "fosters excellence, community and Jewish values," according to its website.

Ostrove set up series of dummy corporations and funneled the $8.4 million into the accounts over an 11 year period, according to the District Attorney.

He used the money to purchase five waterfront houses on Fire Island and multiple exotic automobiles, including a mint 1965 Ford Mustang.

Ostrove was prosecuted in Suffolk County, where he lives.

"David Ostrove was entrusted to manage this money to benefit the children of the Schechter School," stated Suffolk District Attorney Ray Tierney,"But he was secretly lining his own pockets."

“This sentence sends a clear message that we take white collar crime extremely seriously here in Suffolk County," added Tierney. "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.”