The former chief financial officer of Brooklin Boat Yard – located in Brooklin, Maine – will serve seven years and seven months in a US federal prison for pilfering US$815,000 from the 58-year-old full-service yard specialising in wooden boat design, construction, repair and maintenance.

According to the Bangor Daily News, Steven Nygren was also sentenced to five years of supervised release with an order to pay more than full restitution.

At sentencing, US District Judge John Woodstock admonished the defendant, saying: “If Brooklin Boat Yard went down, the community would just about die.”

Nygren pleaded guilty in June of last year to charges of bank fraud, credit card fraud and tax evasion after stealing from the company’s half-million dollar line of credit with Camden National Bank. He spent about half the money on a lease-to-own agreement for an historic local business.

The embezzlement occurred in 2014 and 2015. Nygren was arrested in September of 2015.

Brooklin bills itself the “Boatbuilding Capital of the World” because of the number of boatbuilders and ancillary services located there. In addition to Brooklin Boat Yard, Atlantic Boat Co, Brion Rieff Boat Builders, Hylan & Brown, Eric Dow Boat Shop and North Brooklin Boats all call the community home, along with marinas, boat designers, sailmakers, mooring services, marine photography, and WoodenBoat Publications Inc and its boatbuilding school.