Growing Pains...
First of all, I agree with everyone who said the addict should be forgiven. Beating him up about his relapse and actions won't help the situation - nor will it do any good to act as if nothing happened. Having him arrested would be more like revenge than recovery. Very often, we assign positions to people for all the wrong reasons and we have to learn from our mistakes. Clean time requirements aren't always a clear indication of qualification.
Misappropriation of NA funds tends to happen. Why? Because we're dealing with people. People are flawed and mess up from time to time. I say this not to excuse the addict of their responsibility to make amends, but only to help calm your anger so you'll understand that level heads must prevail in situations where our expectations aren't fulfilled. Given the opportunity, a little work & some clean time, I'm sure this addict will do right by the group. The addict may not want to address it right now, and shouldn't be forced to do so. Yet, the group HAS TO address it and move on.
In the meantime, it's business as usual for the group. With our primary purpose in mind, the group has to step up and make sure the show goes on. This includes calmly bringing the situation to the table at the next business meeting and devising a plan of action for the group's needs to be met. Sometimes lost or stolen funds cannot be replaced and some sacrifice has to be made until you're in the black again. Other times, there may be members who can donate a bit more than their usual to help make up for the loss.
Since your area is fairly new, you should expect to go through some trials and error. I suggest that you contact NAWS and request Guides For Local Service and bone up on your understanding of the 12 Traditions. It may also be a good idea for certain positions to be shared, or allow someone who isn't fairly new to recovery (or in recovery at all) to hold your money for you. A checking account that requires two signatures might be in order.
Best wishes.