Operators of family owned Warren business are saying that their Chief Financial Officer may have stolen more than $2 million from the company.

Paul R. Theisler Jr., former Chief Financial Officer for Warren Fabricating and Machining, was arraigned in Warren Municipal Court Wednesday where he pleaded not guilty to one count of theft.

The 65-year-old Canfield man waived his preliminary hearing, and the case was sent to the Trumbull County Grand Jury for further consideration.

According to a statement issued by Warren Fabricating, the charges against Theisler stem from an internal investigation that began a few months ago after financial irregularities were discovered.

The company turned the information over to the Trumbull County Prosecutor.

Sheriff Paul Munroe told 21 News  the investigation has been going on for about two months. He would not reveal who gave the Sheriff's Office the tip that money was being embezzled.

Sheriff Munroe said, "We're going back at least a decade and from what we can tell from $1.5 to $ 2.5 million have been embezzled by the suspect. We do have an idea of where some of that money might be."

Theisler, a 38-year employee of Warren Fabricating was terminated immediately, according to the statement.

“We feel betrayed that years of trust have been violated,” writes Warren Fabricating President Regina Mitchell. “Besides cooperating with investigating authorities, we have asked independent forensic auditors to dig deeply into our operation.”

Theisler's bond was set at $30,000. His passport has been turned over to his attorney, and a judge banned him from withdrawing money from his IRA and retirement accounts.

The company has locations on Mahoning Avenue in Warren Township and Chestnut Ridge Road in Hubbard.