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Medford man pleads guilty to stealing $740k from Maynard retirement system

Posted by Jarret Bencks  April 29, 2013 01:54 PM

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A former administrator for the town of Maynard's retirement system pleaded guilty to writing checks to himself totaling over $700,000, according to prosecutors.

Timothy McDaid, 46, of Medford was given a two-year jail sentence, suspended for seven years, by Middlesex Superior Court Judge Kathe Tuttman Friday after pleading guilty to charges of larceny, uttering a false check, and forgery, according to Middlesex County District Attorney Marian Ryan. The sentence is significantly shorter than the seven to nine years sought by prosecutors.

Along with the two-year suspended sentence, McDaid was ordered to serve 10 years of probation, including six months of home confinement; be subjected to random drug screenings and drug treatment; pay restitution with a minimum payment of $200 per month; and undergo individual counseling as well as attend alcoholic or narcotics anonymous treatment programs, the statement from the DA said.

McDaid is also barred from employment in the financial services and accounting industries.

McDaid was placed on leave and eventually fired by the Maynard Retirement Board as a result of an audit by the Massachusetts Public Employee Retirement Administration Commission that discovered he illegally wrote himself 181 checks totaling $739,000 and cashed them at three different banks. He was arrested June 11, 2012 in Medford and has been held on $500,000 cash bail since his arrest.

Jarret Bencks can be reached at bencks.globe@gmail.com. Follow him on twitter @JarretBencks.

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