APPROXIMATELY $7.3 million is alleged to have been defrauded from Moriah College through various means by its former financial controller Augustine “Gus” Nosti over a 14-year period.
That figure was revealed in an update letter sent to all Moriah College families on Thursday by college president Stephen Jankelowitz, regarding the matter which first came to light last October.
Jankelowitz claims significant progress has been made by the school to identify the extent of the alleged fraud, how it occurred, and the controls that need to be put in place to ensure confidence in the management of the financial affairs of the college.
The letter revealed assets of Nosti, his wife and his sister-in-law remain frozen, civil proceedings in the Supreme Court against the trio for the recovery of the allegedly defrauded funds are in progress, and the judge has set a hearing date for late June this year.
Jankelowitz added there is no indication that any funds received from Moriah’s donors, managed by the Moriah Foundation or the trustees of the Building Fund, have been impacted.
“We reiterate our assurance to parents, staff members and students that there will be no disruption to school activity,” Jankelowitz concluded.
“We appreciate your patience and understanding, bearing in mind that the matter is in the hands of the NSW Police and before the courts.”