Moriah alleged fraud rises to $7.3 million

March 5, 2020 by J-Wire Newsdesk
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The president of Moriah College has written to “The Moriah Family disclosing the alleged fraud discovered in October last year has “been identified as $7.3 million.

Moriah College

In November the barrister for the College told Sydney’s Supreme Court that its former financial controller is accused of defrauding the school of “close to $4million”.

In his letter 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: “The forensic investigations have established that the alleged fraud was effected through various means, and involved multiple financial institutions over a 14 year period.”

Moriah College is helping the police and the Australian Tax Office in their investigations.

According to the president, at this stage “there is no indication that any of the funds received from our donors and managed by The Moriah Foundation or the Trustees of the Building Fund have been impacted”.

He added: “We reiterate our assurance to parents, staff members and students that there will be no disruption to school activity and our business of teaching and learning.”

The school was founded in 1943. A former board member told J-Wire that as far as he knows, Moriah College has never been defrauded before

J-Wire has asked the Board how the fraud escaped a series of treasurers and auditors for 14 years. There has been no response.

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