A letter addressed to church members says $148,500 was allegedly embezzled from East Lansing’s Ascension Lutheran Church.
Police say former Church Treasurer, Kevin Schaibley was arrested and charged with the embezzlement of those funds.
The church letter says they do not expect to recover the lost funds in the near future, and their insurance policy may only cover a maximum of $20,000.
The pastor, president and lawyer for the church as well as Schaibley refused to comment on the story.
East Lansing police say the money in question was invested without the permission of the church in the Lansing Business -- NCI Technologies.
NCI Technologies had no comment on the alleged embezzlement.
If convicted East Lansing police say Schaibley could face up to 10 years in prison and nearly $450,000 in fines.