Man arraigned on charges he stole more than $730,000 from Maynard pension fund

By Sarah N. Mattero, Globe Correspondent

A Medford man who allegedly stole more than $730,000 from the town of Maynard’s retirement fund was arraigned today in Middlesex Superior Court on larceny charges, the Middlesex district attorney’s office said.

Timothy McDaid, 46, was charged with larceny over $250, uttering a false check, and forgery. He pleaded not guilty and was held on $500,000 cash bail. McDaid was an administrator for the retirement system and had access to the retirement board’s bank account and checks, prosecutors said in a statement.

McDaid was placed on leave from his job after an audit by the Massachusetts Public Employee Retirement Administration Commission uncovered forged checks and unauthorized withdrawals from the fund allegedly made by McDaid, District Attorney Gerry Leone’s office said.

A warrant was issued for McDaid and he was arrested in Medford on June 11. An investigation revealed that McDaid wrote 181 checks to himself, signing and cashing them at three different banks, prosecutors said.

McDaid has been terminated by the town’s retirement board, prosecutors said.

McDaid’s next appearance in court is slated for Oct. 26.