ELLSWORTH, Maine — The former chief financial officer of Brooklin Boat Yard, who is charged with stealing about $720,000 from the company over about 16 months, remained at the Hancock County Jail on Saturday, unable to post bail.

Steven Nygren, 48, of Brooklin was arrested Wednesday and charged with one count each of Class B theft and Class B forgery, according to Hancock County District Attorney Matthew Foster.

Nygren made his first court appearance Friday at the Hancock County Courthouse. Superior Court Justice Robert Murray set bail at $20,000 cash or $200,000 in real estate, Foster said.

Nygren began working at the boatyard in May 2014 and immediately began stealing money, Foster said Saturday. The theft, which continued until recently, was reported this month by the owner, according to the prosecutor.

If convicted of the crimes he’s accused of, Nygren faces up to 10 years in prison and a fine of up to $20,000.

Because Nygren is believed to have transferred the money to an individual in Massachusetts, the U.S. attorney’s office may take over prosecution of the case, Foster said.

Information about federal penalties was not available Saturday. No matter where he may indicted by a grand jury, Nygren most likely would be ordered to pay restitution to the boatyard.