Ex-Moriah employee facing a civil case for missing $7m now charged by police
Gus Nosti, the former Moriah College financial controller facing a civil case for allegedly misappropriating over $7 million from the school has been charged by police.
Moriah College
He will face court in July on five counts of dishonestly obtaining a financial advantage by deception. He has been released on bail.
In a letter in March president Stephen Jankelowitz told the “Moriah Family” that former Augustine “Gus” Nosti’s, his wife’s and sister-in-law’s assets have been frozen and a hearing in the civil case in the Supreme Court would be heard in June.
Jankelowitz wrote to the community in March: “The forensic investigations have established that the alleged fraud was effected through various means, and involved multiple financial institutions over a 14 year period.”
Detective Inspector Gretchenn Atkins told The Sydney Morning Herald: “There were 402 separate transactions … and they ranged from $2000 through to $241,000.”
College Principal, Rabbi Yehoshua Smukler said: “We thank the police for their assistance with this matter. We will continue to cooperate with the police as required.”
What a sordid tale !
The directors would appear to be negligent in carrying out their fiduciary duties.
An independent investigation needs to be undertaken ASAP
The Board must resign together with the external auditor
The incompetence of these directors is shameful !!
Treasurer for many of those years when Mr Nosti was employed is the current President of the Board. How embarrassing for Moriah College.
Where was the Board? 7 million dollars and no one noticed? Anyone who was on the Board then should resign.
I don’t know where the board was then, but most of them are still there now.
Why?
As a finance professional, if this happened on my watch I would step aside until the matter is fully investigated and resolved.