Prosecutors say Sister Marie Thornton, the former Vice President of Finance at Iona College, has pled guilty to embezzling more than $850,000 from the college.

Said U.S. Attorney Preet Bharara, "This is a classic case of the fox guarding the hen house. Marie Thornton was entrusted with the financial well-being of Iona College, but instead she abused her access to cook the books and line her own pockets."

The embezzlement occurred between 1999 to May 2009.

After the money was stolen, the College issued a statement saying they took "immediate action to terminate" Thornton and put in place safeguards to prevent it from happening again.

As a result of her plea, the 63 year old Thorton faces a maximum sentence of 10 years in prison and a maximum fine of $250,000 or twice the gross gain or loss from the offense. 

Sentencing is set for May 13.