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Canfield man charged with stealing more than $1.5 million from Warren Fabricating
By Ed Runyan
WARREN
The president of Warren Fabricating and Machining Corp. said it is “shocking and disappointing” that its chief financial officer, Paul F. Theisler Jr., is charged with stealing more than $1.5 million from the company.
Theisler, 65, of Andrews Court in Canfield, is the company’s most senior and highest ranking employee, having worked there 38 years.
“We feel betrayed that years of trust have been violated,” President Regina Mitchell said in a news release. “But we are not standing still. Besides cooperating with investigating authorities, we have asked independent forensic auditors to dig deeply into our operation.”
The company doesn’t know the full extent of the theft but believes it could be more than $2 million, Mitchell said.
“We will then take steps necessary to improve our practices and security measures to help assure this never happens again,” she said.
Theisler was arraigned on one count of felony theft Wednesday in Warren Municipal Court, where a not-guilty plea was entered for him.
He was expected to post $30,000 bond Wednesday and has surrendered his passport to his attorney, J. Gerald Ingram.
If convicted, he could get up to 11 years in prison.
Judge Thomas Gysegem also ordered Theisler not withdraw any of the money in his IRA or retirement accounts.
Theisler waived a preliminary hearing, and his case is bound over to a Trumbull County grand jury.
Warren Fabricating discovered financial irregularities a few months ago, conducted an internal investigation and reported it to law enforcement, Mitchell said.
Warren Fabricating was founded by John Rebhan, Mitchell’s father. It is celebrating its 50th anniversary this month. Rebhan died in 2008.
“Our father, John Rebhan, built Warren Fabricating on the principle of overcoming any obstacle,” Mitchell said. “That will be our guide as we work toward a resolution to this matter.”
Warren Fabricating specializes in the fabrication, machining and assembly of large steel pieces welded together for the mining, energy and steel industries.