It Took an Anonymous Tip to Stop $739,000 Maynard Pension Theft
Timothy McDaid, who was entrusted to oversee Maynard’s $29 million retirement fund, admitted to pension board colleagues that he had written $739,000 in checks to himself.
That 2012 admission came about after pension board members learned through an anonymous fax that McDaid had been convicted of stealing $165,000 from a charity six months earlier, a conviction that somehow did not affect his job with the town of Maynard, according to The Boston Globe.
How McDaid was able to steal from two organizations over five years is a story of lax oversight, small-town politics, and poor communication by the Middlesex district attorney’s office. It also serves as a cautionary tale in a state with a decades-old web of tiny pension offices, in towns similar to Maynard, monitored by central audits only every three years.
McDaid received a suspended sentence for the Maynard theft, even though prosecutors requested he be sentenced to seven to nine years in jail, The Globe reported.
Read the full Boston Globe story here.
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