Frank DeRosa began working in the post earlier this year.
The 64-year-old was Edison's business administrator in the 1990s.
Middlesex County Prosecutor's Office spokesman James O'Neill told The Star-Ledger of Newark DeRosa was released on $10,000 bail. It's not clear if he has retained a lawyer.
No other information was available.
Information from: The Star-Ledger, http://www.nj.com/starledger