Updated 7/6/09 @ 5:25 pm

Craig is accused of misappropriating a little over $10,000 dollars over a two to three year period.

Mayor Bob Newell swore in Doug Life as the new Finance Director during a press conference Monday afternoon at the Parekrsburg City Building.

Mayor Newell says this is a permanent appointment.

Mayor Newell says the West Virginia State Auditor's Office is in charge of the investigation.

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WTAP will carry the City of Parkersburg's press conference about the termination of Finance Director Randy Craig live on wtap.com.

It is scheduled to begin at 4 p.m.

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Randy Craig, the Parkersburg Finance Director has been terminated and the Parkersburg Police Department will now head up a criminal investigation.

Officials with the office of the Mayor say an internal investigation has revealed several incidents of misappropriations of city funds for personal use.

Sergeant Greg Nangle will be heading up the investigation.

Officials say the City of Parkersburg will now begin the progress of recovering funds through civil restitution. An intensive audit will also begin immediately.

Doug Life will be sworn in Monday as the new Finance Director. Life is currently the Superintendent of the city's Waste and Recycling Division.

Randy Craig has been with the city for about 25 years and has always served in the finance department.

There will be a press conference in the Mayor's Executive Room on the 5th floor of the city building at 4pm Monday to release further information,

Stay tuned to WTAP News at 5 and 6 for the latest details.