Former Bookkeeper Accused Of Embezzlement

The man in charge of recording financial transactions for two water districts is now accused of stealing millions from them.

Terrence Malcom was arrested Friday on three charges of felony theft and two charges of embezzlement of public property.

Back in 2013, town leaders in Cascade noticed hundreds of thousands of dollars were missing from their local water district, Cascade Metro Service. The stolen money came from a grant used to pay Colorado Springs Utilities. CSU provides water treatment for the town; Cascade is now in debt for the stolen money .

As 11 News reported in February 2014, CSU wanted the embezzled funds repaid in full over the course of five years. Water bills for Cascade homeowners skyrocketed as residents found themselves paying extra each month to help cover the amount. To date, they are still paying extra each month.

Another year passed. Finally last week, the 4th Judicial District Attorney's Office announced Malcom's arrest.

Malcom is the bookkeeper for Cascade Metro and Arabian Acres water districts. Arabian Acres, which handles water for customers living between Florissant and Divide in Teller County, had also reportedly noticed they were missing money in 2013.

The DA's office wouldn't comment on why it took so long to arrest Malcom, only telling 11 News the investigation was still active.

Malcom is currently being held in the El Paso County jail on a $1 million bond.