HOSister Marie E. Thorton is being investigated for embezzeling $1.2 million from Iona College.

A Catholic nun who served as the vice president of finance for Iona College was arrested Thursday for allegedly embezzling more than $1.2 million from the school.

Sister Marie Thornton, 62, was charged with stealing from the New Rochelle-based Catholic school over a 10-year period beginning in 1999 by submitting false invoices and using a college-issued credit card, prosecutors said.

It took officials until May 2009 to notice that something was amiss with school finances, according to media reports.

"I expect us to reach a result in this case that all parties would be satisfied with," said Thornton's lawyer, Sanford Talkin. "She's back to being a nun."

In September, the school newspaper reported that the suspected swindling sister was taking a six-month leave of absence due to medical reasons and that she wasn't expected to return to the campus.

After she surrendered to authorities yesterday, she pleaded not guilty at a Manhattan Federal Court arraignment. She was released without bail.

Calls to the school were not immediately answered.

More than 4,000 students attend the college, which is located 20 miles north of Manhattan.

Read more: http://www.nydailynews.com/news/ny_crime/2010/12/10/2010-12-10_nun_busted_for_embezzling_12m.html#ixzz17mq1x7jR