The former Vice President of Finance of Iona College has been arrested and charged with embezzling more than $850,000  from the College over a ten year period.

Sister Marie E.Thorton surrendered this morning and was present in Manhattan federal Court where the charges were filed.

Thorton is accused of diverting more than $850,000 in College funds for her own personal use for such things as credit card bills and personal expenses by submitting false vendor invoices for reimbursement to Iona College. The alleged embezzlement occurred between 1999 to May 2009.

U.S. Attorney Preet Bharara says federal authorities are seeking to recoup the proceeds allegedly embezzled if Sr. Thornton is convicted.

Iona College has issued a statement saying "As we have stated previously, a year and a half ago when it was discovered that the funds had been misappropriated, we took immediate action to terminate the employee and indepdendent forenesic accountants/auditors were retained to investigate thoroughly the allegations of financial fraud, waste and abuse."

The College went on to add, "Today we have a new CFO and staff in place and have recovered the majority of the missing funds, and from the College's perspective, the matter is considered closed. The action being taken by the U.S. Attorney is not with Iona College, but with the accused former employee."

**Editor's note-The Manhattan U.S. Attorney's office says its initial charges against Sr. Thornton have been modified. Originally, authorities filed charges alleging she embezzled $1.2 million from Iona College. Corrected information indicating the amount was roughly $850,000 will be filed in court, they say, will be made on or about January 19,2011.**