Medford Man Pleads Guilty for Stealing from Maynard Retirement Fund

– Allison Goldsberry

A Medford man pleaded guilty to charges of larceny for forging and cashing checks illegally from the town of Maynard’s retirement fund, according to Middlesex County District Attorney Marian Ryan.

Timothy McDaid, 46, of Medford pleaded guilty in Middlesex Superior Court to charges of larceny over $250, uttering a false check, and forgery.

“This defendant deliberately stole hundreds of thousands of dollars from the community in which he was hired to serve,” said District Attorney Ryan, who was recently appointed to replace former DA Gerry Leone. “With this plea, the defendant will be forbidden from working in the financial industry and pay restitution for this significant theft of public monies.”

Authorities say McDaid, as an administrator for the retirement account, had access to its bank account and checks. An audit uncovered forged checks and unauthorized withdrawals that were allegedly made by McDaid. McDaid is accused of cashing nearly two hundred checks without authorization and stealing over $739,000 from the retirement fund.

McDaid was arrested in Medford on June 11, 2012 and was fired from his position by the Maynard Retirement Board. Middlesex Superior Court Judge Kathe Tuttman sentenced McDaid to two years in the house of correction, suspended for seven years with conditions, on the larceny and uttering charges. On the forgery charge he was sentenced to seven years probation with the following conditions: home confinement for six months, no employment in the financial services/accounting industries, random drug screenings and drug treatment, restitution with a minimum payment of $200 per month, and undergoing counseling as well as substance abuse treatment programs.

The Middlesex District Attorney’s Office PACT Unit investigated the case. The PACT Unit has also prosecuted other so-called “white collar crime” cases, some of which took place in Medford, including two former Tufts University employees who pleaded guilty to stealing nearly $1 million from the university in 2009, and an organized crime case against Medford resident Peter Limone. The PACT Unit also successfully prosecuted former Register of Probate John Buonomo for stealing thousands of dollars in public money.