A Woodstock paper company feared bankruptcy after learning that a trusted employee had embezzled $51,930 over the course of several years, the business’ owner said.
Former Guy’s E. Paper employee Russell D. Cisco is accused of misappropriating thousands of dollars from the family-owned company where he worked for nine years, business owner Guy Spinelli said.
Woodstock police have issued a warrant for Cisco’s arrest on a felony theft charge, typically punishable by as many as seven years in prison.
An attempt to reach Cisco by phone Monday was unsuccessful.
Cisco, 44, of the 900 block of Boxwood Drive, Crystal Lake, had a key to the building and access to the company’s finances, Spinelli said.
“My whole family is just devastated by it. ...” he said. “We just never knew he was that kind of a person.”
Spinelli founded the family business at 1150 McConnell Road in 1997. The Woodstock-based paper manufacturer ships products to customers nationwide.
Another employee became suspicious in June, when he noticed funds had been transferred in and out of accounts he didn’t recognize, Woodstock Police Detective Josh Fordyce said.
Police believe Spinelli moved money from the business’ Paypal account into his personal account, according to a criminal complaint filed in McHenry County court.
Spinelli fired Cisco shortly after suspicions arose.
Cisco is charged with making the transfers between Jan. 4, 2016, and June 18, 2018. Spinelli, however, believes Cisco began misappropriating funds in 2013.
The financial loss nearly forced the business into bankruptcy, Spinelli said.
“It took my entire life savings to bail it out,” he said.