BALLSTON SPA — The former president of Wurld Media Inc. was sentenced on Friday to five years of probation after pleading guilty to a charge of falsifying business records.

Gregory Kerber, 46, of Cohoes, still faces court action on a grand larceny charge.

Wurld Media was an Internet-based company located on Putnam Street in Saratoga Springs that developed digital media file-sharing networks.

The company was started in the late 1990s and employed about 50 people at the peak of its operations.

The assets of the company were sold last year to the ROO Media Corp., an international online video solutions company with offices in the United States, Germany, England and Australia.

The total purchase price of the transaction was $4.3 million, consisting of $3.2 million in cash and the issuance of approximately 655,500 shares of ROO common stock, according to a ROO Group press release at the time of the sale.

Last December, Kerber and Richard Saxton of Saratoga Springs, a financial officer for the company, were indicted on charges of second-degree and third-degree grand larceny, money laundering, falsifying business records and offering a false instrument for filing.

In June, Kerber pleaded guilty to the falsifying business records charge. He was sentenced in Saratoga County Court on Friday.

Saxton is scheduled to go to trial on the charges in October.

The indictments followed a seven-month investigation by the Saratoga Springs Police Department and the state Department of Taxation and Fina nce.

Assistant Saratoga County District Attorney Richard Wendling said when Kerber made his plea in June, it was on the record that he would likely face new charges for allegedly taking company assets for his own use.

In July, Kerber was indicted on a charge of third-degree grand larceny. That case is still pending.

“These new allegations are from January through March of this year when Mr. Kerber is accused of converting and taking Wurld Media funds for his own use,” Wendling said previously. “The funds are the property of the remaining investors and the charges are separate from the prior indictment.”

Wendling said only Kerber is implicated in the latest charge of taking about $30,000 from the assets of Wurld Media.

On Friday, Wendling said federal authorities are conducting further investigations and are asking for bank and other records used in grand jury proceedings.

He said the U.S. Attorney General’s Office, the Department of Labor and the Internal Revenue Service are all asking for information about Wurld Media and its former officers.

Washington County Judge Kelly McKeighan, who is hearing the local cases against the defendants, said he will decide at a future date whether the secret grand jury information can be turned over to the federal agencies.

Defense lawyers have said they are opposed to the federal government’s receiving the information.

Wendling said requests have been made for corporate ledgers from 2006 as well as bank accounts and payroll records.

Several former Wurld Media employees have filed a class-action lawsuit against the company, claiming the company failed to pay their salaries and took money from their retirement accounts.

Saxton, Wurld’s former vice president of finance, had been scheduled to go to trial in two weeks but was granted a postponement until October to find a new lawyer.