A former longtime employee of a downtown jewelry store may have stolen from $200,000 to as much as $500,000 in jewelry and cash from the business, police said.

David R. Blosser, 65, of Silvermine Avenue in Norwalk, was arrested on a warrant Saturday and charged with first-degree larceny. He was held on a $10,000 bond and is scheduled to appear Aug. 21 in Bridgeport Superior Court.

Blosser had worked at Midas Touch, 1547 Post Road, for 25 years before leaving in 2004 to take a job at a store in Stamford. In 2010, however, Blosser asked for his old job back -- apparently after being fired from his job at Peter Suchy Jewelers in Stamford -- and returned to work at the Fairfield jewelry store, according to the report.

A week after his return to Midas Touch, the owner of the store caught him stealing $1,100 from petty cash, police said, and when confronted about the theft, Blosser admitted to taking the money, police said. He was not fired at that time.

According to the arrest warrant, since Blosser's return, store inventories were regularly found to be short of expectations and several pieces of jewelry were missing. At first, it was believed that the pieces had been moved and were still somewhere in the store.

Store management then decided to conduct an internal investigation and found several pieces of jewelry missing from display cases, including a $15,000 diamond ring, five diamond bracelets and several loose diamonds. The warrant states that while Blosser didn't admit to stealing the jewelry when questioned by the store owner on May 30, he did ask the owner how much money he was willing to take as reimbursement for the missing items.

Blosser said he couldn't afford to reimburse him the $200,000 figure quoted at the time, and was fired and banned from the store.

After he was fired, according to the warrant, he called a co-worker to retrieve a small bag he had left at the store. Inside the bag was paperwork, and underneath the paperwork was $24,325 worth of jewelry, according to the warrant.