Amanda Raus, Chris Podosek
New Canaan Police have an arrest warrant for Stephen DeCrescenzo, which charges him with first degree larceny.
A West Haven city councilor suspected of stealing more than $170,000 when he worked in a bank has turned himself in to New Canaan police on larceny charges.
Stephen DeCrescenzo was an employee of the New Canaan branch of Citizens bank and is accused of embezzling $172,000 from the accounts of two customers and using another account to filter the money, police said.
DeCrescenzo was charged with two counts of first-degree larceny. He appeared in court on Friday and was released on a written promise to appear.
The two victims are New Canaan residents, according to police.
DeCrescenzo turned himself in to New Canaan police on Friday morning and was unable to post $300,000 bond. He will be arraigned in Norwalk Superior Court this morning.
Friends told NBC Connecticut that DeCrescenzo no longer works at the bank.
He is still a West Haven City Councilor and is running for re-election next Tuesday.
His attorney said he advised his client not to drop out of the race.
Tom McCarthy serves on the council with DeCrescenzo and said he is shocked by the allegations.
“My initial reaction was shock. I've known Steve, worked with him very closely, great admirer of his,” McCarthy said.
McCarthy said there also has been concern for DeCrescenzo, since he had not come forward yet to face the charges.
“The longer this goes on, the concern builds. We are all concerned for him, and obviously his family,” said McCarthy.
No one answered the door at DeCrescenzo's West Haven home on Thursday.
He is due back in court on November 15.