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David Ostrove, the former chief executive of a private school in New York, was sentenced to 8 1/2 to 25 years in prison for embezzling approximately $8.4 million over more than a decade. He used the stolen funds for personal extravagances such as purchasing and renovating beach houses, luxury cars, and high-end items. Ostrove, 52, was found guilty of grand larceny and money laundering.
The Suffolk County District Attorney’s Office stated that Ostrove must return the stolen money in full and an extra $500,000 for each shell corporation he ran. The sentencing aims to underscore the seriousness with which white-collar crimes are viewed in Suffolk County.
