Police say Peter Burke, 53, of Cold Spring Harbor is responsible for running the scheme beginning in March 2013 in Westbury.
As an employee of Dick Robinson Media, Burke recruited and enrolled students, while also handling student accounts.
An investigation discovered that Burke accepted cash from students that was meant for the Connecticut School of Broadcasting and kept it.
Police say the amount of money he allegedly took totaled more than $220,000.
Burke was charged with second degree grand larceny.