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WARREN -- The former chief financial officer at Warren Fabricating and Machine Corp. was ar-raigned in Warren Municipal Court Wednesday on a charge of theft accusing him of embezzling what the company said could be more than $2 million from the business.
A not guilty plea was entered for Paul F. Theisler Jr., 65, of Canfield, who is free on $30,000 bond. Theisler waived his right to a preliminary hearing and consented to the immediate transfer of the case to the Trumbull County grand jury.
As condition of bond, Municipal Judge Thomas Gysegem told the defendant not to withdraw money from his IRA and retirement accounts.
Theisler, who worked at the company for 38 years, was represented at the arraignment by attorney J. Gerald Ingram, who declined to comment on the case.
Theisler was fired a few months ago after financial irregularities were discovered and an internal investigation was done, according to a release from the company.
Trumbull County Sheriff Paul Monroe said his office was brought into the investigation about two months ago but did not give details about the case, saying more details should be forthcoming over the next few weeks. A report filed by sheriff's investigator Michael Yannucci on Jan. 9 said a cellphone was taken from Theisler.
Jail records show that Theisler was booked and fingerprinted at the county jail shortly after 2 p.m. Wednesday.
The extent of the theft is unknown, but company officials believe it could be more than $2 million.
"We feel betrayed that years of trust have been violated. But we are not standing still. Besides cooperating with investigating authorities, we have asked independent forensic auditors to dig deeply into our operation. We will then take steps necessary to improve our practices and security measures to help assure this never happens again," said Regina Mitchell, president, in the release.
"The news that one of our most senior and highest-ranking employees has been charged with stealing from Warren Fabricating is both shocking and disappointing," Mitchell said.
City prosecuting attorney Gil Blair said because of the amount of money involved in the theft, Theisler has been charged with a first-degree felony, which carries a maximum sentence of 11 years in prison if he is found guilty.
The release said the company would not be commenting further as the investigation is continuing.
The Warren-based company for more than 50 years has specialized in the fabrication, machining and assembly of large steel weldments, serving industries including mining, energy and steel.
gvogrin@tribtoday.com