Gus Nosti: Former Moriah college financial manager jailed

A prestigious Sydney college financial manager felt like a “high roller” when he put most of the $7.4 million he stole from his employer through the pokies.

A prestigious Sydney college financial manager felt like a “high roller” when he put most of the $7.4 million he stole from his employer through the pokies.

But Augustine ‘Gus’ Nosti’s gambling benders and lavish holidays over 14 years finally caught up with him on Wednesday, when he was sentenced by District Court Judge Karen Robinson to at least five and a half years in prison.

The 58-year-old will serve an aggregate term of nine years in prison, eligible to apply for parole on February 24, 2027, after pleading guilty to five offences of dishonestly obtaining a financial advantage by deception.

Gus Nosti on holiday.

The court heard Nosti had no relevant experience when he was employed as Jewish Orthodox Moriah College’s financial controller in January, 2004.

The fraudster‘s gambling addiction took hold shortly after he accepted the role, with the court hearing he “deliberately and systematically” began transferring money into his personal bank accounts.

“It could not be described as impulsive. It shows the extent he was prepared to be dishonest and flout the law...the frauds were perpetuated and skillfully executed over an extended period,” Judge Robinson told the court.

Nosti leaving the Downing Centre Court in Sydney. Picture: NCA NewsWire/Christian Gilles

Nosti has been jailed until at least 2027. Picture: NCA NewsWire / Christian Gilles

Having complete access to the eastern suburb college’s finances, Nosti transferred $3.4 million to himself across 363 separate transactions from December 2004.

Between August 2015 and his resignation in March 2019, he redirected 39 GST tax refunds — worth $3.9 million — away from the school of 1650 students to himself.

The Hornsby Heights man was caught after he resigned, when a new financial manager noticed the school had not received its GST payments from the Australian Taxation Office.

Judge Robinson told the court Nosti visited the machines twice each day at lunch and after work — splurging $12,000 a week — about 95 per cent of the total amount he stole.

She told the court: “He described...being treated like a high roller while gambling”, parking “anywhere he could” acquiring multiple parking tickets.

He also paid off his mortgage and splurged on holidays, the court heard.

The court heard he was “thoughtless” to the impact on his family, employer and himself.

Judge Robinson said Nosti was unlikely to reoffend, accepting responsibility and undergoing psychology for his depression and gambling disorder.

She reduced the sentence, taking into account his plea of guilty, that it was his first time in custody and likely more onerous with his mental health issues.