AUGUSTA, Kan. -

Dec. 11 update: In his preliminary hearing, Kent Overaker pled guilty to theft or theft by deception. Sentencing is set for Feb. 10, 2014.

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The executive director of the Augusta Chamber of Commerce is in jail, accused of felony theft.  Kent Overaker was fired from his position and arrested Thursday.

The Chamber's president Kent Bush says the arrest stems from an investigation that began Tuesday.  He says during a board of directors meeting, board members noticed some financial irregularities.  He says they were concerned enough that they called police to take over the investigation.   

Augusta police began investigating Tuesday afternoon and they made the arrest Thursday. 

Overaker was booked into the Butler County jail on a charge of felony theft between $1,000 and $25,000.

Bush says Overaker was hired as executive director in March of 2012.

People in Augusta say their trust has been broken. Donna Sandifer says news like this hurts the whole town.

"It's a small town and I love this town," Sandifer said, "It's a great town so we just need to clean it up."

The folks at the Board of Commerce say they're doing just that. They hope their actions carry a message.

"We take these kinds of things very seriously," Bush said, "That we're not going to turn a blind eye to it and if we feel like something is wrong we're going to bring it to authorities to make sure the money people entrust in us is used correctly."