Moriah fraudster jailed for nine years

August 25, 2021 by J-Wire Newsdesk
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Sydney’s Moriah College’s former Financial Controller Gus Nosti has been sentenced to a maximum of nine years in jail for stealing $7.4 million from the school between 2004-2019.

Gus Nosti Screenshot

In the Downing Centre District Court, Judge Karen Robinson ordered Nosti to serve a non-parole period of five-and-a-half years.

In a letter to the school’s parents, Moriah College President Stephen Jankelowitz said:

“Today’s sentencing is the culmination of criminal proceedings, which followed a painstaking process of independent forensic and financial investigation that has been ongoing for close to two years.

The fraud perpetrated against Moriah by Gus Nosti shocked the school community. It was a fraudulent and devastating betrayal.

While justice has been served today, this process has taken a significant toll on the College as a whole, however with these criminal proceedings now behind us, we look to the future with optimism.

The Board of Directors acknowledges the frustration of those in the community who were critical about the lack of detail provided about this case while it was before the courts. However, we know that most people appreciated the limitations on what we could share openly, to avoid the risk of prejudicing any action.

Our recovery efforts in relation to the funds are ongoing, and we will report further as developments occur.”

He thanked those who gave time to the criminal investigation and to those who lent their support.

The Sydney Morning Herald reported NSW District Court Judge Karen Robinson said Nosti took money from the school with “systemic regularity”, in an “unsophisticated” and “easily detected” series of actions he explained as being linked to his gambling addiction.

“He said he decided to do this as he had a fairly severe gambling problem and was always trying to find money to fund the gambling. He found a loophole, and took advantage of it,” Judge Robinson said.

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