MADISON, Neb. -- A former northeast Nebraska transit director accused of embezzling hundreds of thousands of dollars is not yet in custody, according to the Madison County Sheriff's Office.

According to Jon Downey, a lieutenant with the Madison County Sheriff's Office, a press release indicating that former North Fork Area Transit director Jeffrey Stewart had been arrested near the Texas-Mexico border had been sent out inadvertently.

"None of it is true," Downey said. "I can't tell you where Jeffrey Stewart is at this time."

Stewart has been the subject of a Madison County felony warrant for theft as a result of an investigation by the Madison County Sheriff's Department of theft from the North Fork Area Transit system.

North Fork Area Transit service was forced to cease operations on Jan. 6 due to a lack of funds. Stewart, who served as general manager, is accused of embezzling money for flights, purchases at casinos, meals at area restaurants, home goods and more, all for personal use, according to investigators. 

According to court records, Stewart is accused of embezzling between $750,000 and $1 million.  

Stewart, a Texas native, was officially announced as the North Fork Area Transit GM last February. The NFAT board announced his suspension in December before later announcing that he was no longer employed by the nonprofit.

Amid a shortage of funds, NFAT ceased operations in January. In March, NFAT announced that it had received enough money from a fundraising campaign to re-start operations. The million-dollar funding came from a combination of community pledges and a matching gift from the Johnny Carson Foundation. The City of Norfolk also pledged $150,000 to aid the return of NFAT.

The transit authority came back into operation at the beginning of April. 

The NFAT board has said it has evaluated the circumstances around Stewart's alleged crimes and has imposed new processes as a result.

"The board of directors immediately hired a local accounting firm to handle all finances for the agency," board member Lacy Kimes told News Channel Nebraska in February as the organization was in the middle of its fundraising campaign. "The board of directors has brought on additional board members."