A former director of finance at New York University was indicted on Monday for what prosecutors described as the defrauding of the school to divert about $3.4 million intended to fund minority- and women-owned businesses.
Cindy Tappe is accused of diverting the money into bank accounts via two shell companies she had created and using at least $660,000 of the funds to renovate her Connecticut home and other personal expenses, including an $80,000 swimming pool.
She drafted false invoices for three subcontractors to submit in order to divert the funds, and the subcontractors took between 3% and 6% without doing any of the contracted work, prosecutors from the Manhattan district attorney’s office said.
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