Updated at 5:45 p.m.

OGDENSBURG – The one carat Tiffany diamond ring discovered stolen from the Frederick Remington Art Museum on June 6 has been returned and a former employee has been arrested.

Blake R. Peabody, 24, 814 S. Water St., Ogdensburg, has been charged with fourth-degree grand larceny, a class E felony. He was arraigned in Ogdensburg Court before Judge William Small and released under supervision of probation.

The ring was found in Peabody's residence, police said.

Police report Peabody was employed at the museum through the county Workfare program, which requires recipients to perform some work in order to receive benefits.

He was employed there for less than a month and was terminated last Tuesday for missing too many days of work, according to police. That was the day after the ring was first discovered missing.

The ring was stolen during the suspect's regular working hours. Security measures have been stepped up as a result of this theft.

Museum officials say Ogdensburg Police Detective Sergeant Harry McCarthy “moved quickly to secure its recovery and a confession.”

While the ring is not extremely valuable as a generic 19th century artifact, it is invaluable to the museum as a memento of the Remington legacy, museum officials say. Remington gave the ring, which was made 118 years ago, to his wife.

Police report it has been difficult to place a value on the ring, as much of its value lies in its age and significance. The suspect has been charged with the ring's lesser retail value, in excess of $1,000, until the more accurate higher value is appraised.

“At the museum we were heartbroken when the ring went missing, and our deepest thanks goes out to the Ogdensburg Police for its quick action,” said a statement released by the museum this afternoon.