A West Islip man who was in charge of finances at a Nassau County private school has been charged with grand larceny.

David Ostrove allegedly stole $8.4 million from the Schechter School of Long Island.

The 51-year-old served as the chief financial and technology officer and director of operations at the Williston Park school for 11 years.

Prosecutors say Ostrove used the stolen funds to purchase five homes on Fire Island, four vehicles and to pay his daughter's college tuition.

Suffolk District Attorney Ray Tierney says Ostrove was moving a lot of money through a PayPal account, as well as other accounts.

"He certainly exploited that trust, and obviously that money was earmarked to be used for the benefit of the kids that went to the school," Tierney says.

In a statement, the Schechter School of Long Island wrote, "This individual is accused of a systematic, sophisticated and carefully contrived fraud on a chilling scale. If convicted, this individual would also be guilty of something beyond the theft of cash: the destruction of trust. Not just with the school administration but with our parents, the faculty and most important - our students."

Nobody at Ostrove's home would speak with News 12.

Ostrove is charged with grand larceny and money laundering.