Medford Man Pleads Guilty to Stealing From Maynard Retirement Fund
WOBURN– A Medford man pleaded guilty to charges of larceny for forging and cashing checks illegally from the town of Maynard’s retirement fund, Middlesex District Attorney Marian T. Ryan informed the public today.
Timothy McDaid, 46, of Medford pleaded guilty in Middlesex Superior Court to charges of larceny over $250, uttering a false check, and forgery.
The Commonwealth recommended a sentence of seven to nine years in state prison and 10 years probation from and after with conditions. Middlesex Superior Court Judge Kathe Tuttman sentenced the defendant two years in the house of correction, suspended for seven years with conditions, on the larceny and uttering charges. On the charge of forgery the defendant 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 undergo individual counseling as well as attend alcoholic or narcotics anonymous treatment programs.
“This defendant deliberately stole hundreds of thousands of dollars from the community in which he was hired to serve,” District Attorney Ryan said. “With this plea, the defendant will be forbidden from working in the financial industry and pay restitution for this significant theft of public monies.”
According to authorities, McDaid was an administrator for the Maynard Retirement System and had access to the retirement board’s bank account and checks. An audit by the Massachusetts Public Employee Retirement Administration Commission (PERAC) uncovered forged checks and unauthorized withdrawals from the fund allegedly by the defendant and an investigation was launched. At that time, the defendant was placed on leave.
The investigation revealed that the defendant wrote checks to himself, which he signed and cashed at three different banks. In total, the defendant cashed 181 checks without authorization. The defendant stole more than $739,000 from the retirement fund. The defendant was terminated from his position by the Maynard Retirement Board.
A warrant was issued and the defendant was arrested June 11, 2012 in Medford. The defendant was arraigned on June 12, 2012 in Concord District Court where he was held on $500,000 cash bail. He was indicted by a Middlesex Grand Jury on September 11, 2012 and arraigned September 18, 2012 in Middlesex Superior Court, where he continued to be held on $500,000 cash bail.
The case was investigated by the Middlesex District Attorney’s Office PACT Unit, the Maynard Police Department, and PERAC.
The prosecutor assigned to the case is Assistant District Attorney Doug Nagengast.
The Middlesex District Attorney’s PACT Unit is dedicated to the investigation and prosecution of cases of public protection (including white collar, narcotics and organized crime), anti-terrorism, corruption, and cyber/technology. The Unit has investigated and prosecuted multiple cases in each of these areas, including the following white collar crime cases:
•Commonwealth vs. Brian Dalphonse, in which the defendant, the CFO of St. John’s Preparatory School, pleaded guilty on larceny charges for stealing $80,000 from the school.
•Commonwealth vs. Josephine Nealley and Raymond Rodriguez, former employees at Tufts University who pleaded guilty to stealing nearly $1 million from the university.
•Commonwealth vs. Peter Limone, et al, in which more than 140 indictments were brought against 20 men in connection with their involvement in organized crime activities, all of whom pled guilty.
•Commonwealth vs. John Buonomo, in which the defendant, the former Register of Probate, pled guilty to the theft of thousands of dollars of public monies.
•Commonwealth vs. Paul Camilli, the former Superintendent of Public Works in the town of Maynard, found guilty of soliciting cash payments from a private developer in exchange for relaxing the permitting and inspection process for a construction project.
•Commonwealth vs. Albert Bellamy Lovering, who pled guilty to charges after stealing over $200,000 from four different victims he met on social dating websites.
•Commonwealth vs. Arthur Hitchman, a former inspector for the Massachusetts Alcoholic Beverages Control Commission (ABCC) who pled guilty to charges that he used his position of authority to extort money from a business under his jurisdiction.
•Commonwealth vs. David St. Hilaire, a Lowell building inspector convicted on charges of larceny for inducing his 86-year-old neighbor into signing her home over to him.