Medford Man Accused of Stealing from Maynard Retirement Fund

– Allison Goldsberry

A Medford man was arraigned Tuesday on larceny charges for allegedly forging and cashing checks illegally from the town of Maynard’s retirement fund, according to Middlesex County District Attorney Gerry Leone.

Timothy McDaid, 46, was arraigned in Middlesex Superior Court on charges of larceny over $250, uttering a false check, and forgery.

“This defendant allegedly abused his position of authority and stole from the town fund for which he was hired to administer,” District Attorney Leone said. “He violated the trust of the public and the community for his own personal gain.”

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 allegedly stealing over $739,000 from the retirement fund.

McDaid was arrested in Medford on June 11 and was fired from his position by the Maynard Retirement Board. McDaid was held on $500,000 cash bail, and his next court date is October 26 for a pre-trail hearing.

The Middlesex District Attorney’s Office PACT Unit is investigating 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.