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Former NYU principal embezzles $3,5 million in grants and spends money on herself

'20.12.2022'

Nadezhda Verbitskaya

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The former chief financial officer of New York University (NYU) allegedly embezzled $3,5 million in public funding and spent some of the money on herself. Including an $80 pool for his home in Connecticut, reports New York Post.

Cindy Tappe, 57, was accused of diverting funds from New York State Department of Education grants to shell companies for 6 years. This was discovered in 2018 when she left New York University.

Part of the embezzled money went to expenses related to the operation of the university and to reimburse the expenses of NYU employees. But at least $660 ended up in Tappe's own pockets, according to the indictment. She used the money for personal expenses. For example, the pool and renovations at his home in Westport, Connecticut.

The scam began with a $23 million grant from New York University's Center for Equality and Transformation Research, where Tappe worked. The money was to go to government programs to help special education students and English learners.

According to prosecutors, a certain percentage of the funds were to be received by "certified businesses owned by minorities and women." And then they had to run the programs.

Tappe has negotiated with three subcontractors for about $3,5 million in grants. She then prepared fake invoices for each of them on company letterhead. This allowed her to transfer most of the money to the two shell companies she created and appropriate them for herself.

In September 2018, NYU's program director asked Tappe to explain where the money paid to subcontractors went. In response, Tappe said in a letter that NYU "has a good working relationship with these companies." And that she "did not find other companies offering the same range of services at the same price."

University staff then reported the alleged theft of money to the Department of Education, who alerted the State Comptroller's office. After investigating, the Comptroller's office turned the case over to the prosecutor.

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Manhattan District Attorney Alvin Bragg noted that "instead of going to school districts in need, these funds were used by Tappe to pay the mortgage, build a swimming pool and live beyond one's means."

“Our multilingual students and students with disabilities deserve first-class services. And those funds had to go directly to their schools,” Bragg said.

New York State Comptroller Tom DiNapoli said: “Cindy Tappe used her high position at New York University. She redirected more than $660 of public funds to fund a luxurious lifestyle.”

On December 19, in Manhattan Superior Court, Tappe pleaded not guilty to a range of charges, including money laundering, grand larceny and falsifying business records. She was released without bail. And her lawyer, Deborah Colson, declined to comment.

After leaving New York University, Tappe took a job at the Yale School of Medicine. In the biography on the school's website, she is praised for her excellent knowledge of finance and grants. And also for effective leadership and ability to work in a team.

New York University and Yale University did not respond to requests for comment.

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