Ex-Warren Fab CFO Accused of Stealing $2 Million

WARREN, Ohio – The president of Warren Fabricating and Machining Corp. said today the company’s former chief financial officer may have stolen more than $2 million.

Prosecutors announced today that Paul Theisler, a 38-year employee, has been charged with theft. He pleaded not guilty when arraigned this morning in Warren Municipal Court by Judge Thomas Gysegem. Theisler, 65, was represented by attorney J. Gerald Ingram.

“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,” Regina Mitchell, president, said in a company news release.

Warren Fabricating and Machining specializes in the fabrication, machining and assembly of large steel weldments servicing industries including mining, energy and steel.

The company launched an internal investigation a few months ago, after “financial irregularities” were discovered. Company officials confronted Theisler and terminated his employment immediately, and reported the situation to law enforcement authorities, who began a criminal investigation leading to today’s announcement.

“We still don’t know the full extent of the theft, but believe it could be more than $2 million,” Mitchell said. “We feel betrayed that years of trust have been violated. But we are not standing still.”

In addition to cooperating with authorities, the company has engaged forensic auditors to “dig deeply” into its operations and will take the necessary steps to improve its practices and security to ensure this doesn’t happen again.

“Our father, John Rebhan, built Warren Fabricating on the principle of overcoming any obstacle. That will be our guide as we work toward a resolution of this matter,” Mitchell said. Because the investigation is continuing, the company will offer no further comment, she added.

Copyright 2024 The Business Journal, Youngstown, Ohio.