Medford Man Plead Guilty to Retirement Fund Larceny

A Medford man has pleaded guilty to larceny charges after he stole over $739,000 from the town of Maynard's retirement fund, according to a release Monday from the Middlesex County District Attorney's office.

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

McDaid was sentenced by Middlesex Superior Court Judge Kathe Tuttman to two years in the house of correction, suspended for seven years with conditions and seven years probation with home confinement for six months. McDaid cannot be employed in the financial services and accounting industries and must pay $200 in restitution a month among other conditions, according to the district attorney's office.

District Attorney Marian Ryan said McDaid "deliberately stole hundreds of thousands of dollars from the community in which he was hired to serve" in the statement.

A Massachusetts Public Employee Retirement Administration Commission (PERAC) audit found "forged checks and unauthorized withdrawals from the fund allegedly by the defendant," according to the district attorney's office. McDaid served as an administrator for Maynard's retirement system and "had access to the retirement board’s bank account and checks."

A subsequent investigation determined McDaid cashed 181 checks without authorization that he wrote to himself and that a total of $739,000 had been stolen. His position within the town of Maynard was then terminated, according to the district attorney's office.