A fraudster has been ordered to pay back $7million he stole from a Sydney school to splurge on fast cars, speed boats and multimillion dollar pokies binges.
Augustine ‘Gus’ Nosti admitted to stealing the money from Moriah College in Sydney’s eastern suburbs over the decade he worked there.
The former financial controller funnelled the money out of the Jewish school’s accounts into his own pockets to fund his lavish lifestyle.
Now Mr Nosti is being forced to return everything he stole after being labelled a ‘thief’ by Justice David Hammerschlag at the New South Wales Supreme Court.
Justice Hammerschlag condemned the fraudster’s behaviour including his ‘penchant for luxury motor cars’ and overseas travel, the Sydney Morning Herald reported.
Mr Nosti has accrued quite the collection of luxury vehicles, including two BMW convertibles, a Porsche Cayenne and several speed boats.
He was a ‘heavy gambler and, by all accounts, a heavy drinker’ and would often spend lunch breaks gambling away the stolen funds at the watering hole the Green Tavern.
But he hadn’t always been living the life of a high roller.
In 2002, the school accountant was broke, living in a unit paid for by his parents after the collapse of his Italian restaurant.
Within two years he had landed a lucrative job with Moriah, where he was granted total access to the schools finances.
It wasn’t even a full year before he began dipping into the school’s funds, stealing the first installment of $5,000 in December 2004.
By 2019 he had stolen more than $7,337,282, including $3,965,892 of tax refunds, the Daily Telegraph reported.
This was the year the school uncovered the extent of the thefts and launched legal action against Mr Nosi and his wife Melynda in the Supreme Court.
The legal battle has finally come to an end for the school, with the judge ordering Mr Nosti to pay back Moriah $7,337,282.
His wife Melynda has been ordered to pay $77,905.