GUILDERLAND — A company owned by the New York Press Association has been robbed of $400,000 over a period of five years, according to Michele Ray, executive director of NYPA.

Elizabeth Marzilli, 56, of Waterford, was arrested by State Police and charged with second-degree grand larceny and falsifying business records.

For 16 years, Marzilli worked for New York Press Services, a company wholly owned by the New York Press Association, a trade group that represents weekly and small daily papers, said Ray; The Altamont Enterprise is a member of NYPA. During that time, Marzilli and her husband, John, created a business, New York National Advertising, specifically for the purpose of diverting funds, said Ray.

Marzilli is charged for the money she embezzled between 2003 and 2008, although the embezzling began before that time period, said Ray. The statute of limitations only goes back five years, she said.

“I’m just grateful that no clients were defrauded or harmed,” said Ray, noting that the money came directly from New York Press Services, and not from the clients to whom Marzilli sold advertising.

New York Press Services will sue in hopes of recovering the money that it lost, said Ray. Because of the litigation, Ray said, she could not comment on how the larceny was discovered.

If convicted, Marzilli could face up to 15 years in prison.

“This is a very sorry end to a long-time employee’s work,” said Ray. “And she was a good worker, which makes the whole thing even harder.”