Burlington County Prosecutor Robert D. Bernardi announced recently that a Burlington County Grand Jury has indicted a Medford Township man for illegally transferring nearly $150,000 from his daughter’s trust fund into his personal bank account.
Richard Arrowood, 51, of 1 Breakneck Road, Medford was indicted on one count of misapplication of entrusted property (second degree) and one count of theft by failure to make required disposition of property received (second degree).
According to the indictment despite the provisions provided for in the trust, Arrowood made himself the custodian of the trust fund and transferred $149,435.80 from the fund into his personal bank account in May 2010.
Arrowood then used a portion of the money to pay outstanding bills and cover personal expenses such as cigars and dining out. The trust fund was established for Arrowood’s daughter by his father, in accordance with his father’s last will and testament.
The alleged theft was discovered after the girl’s mother became suspicious and checked on the balance of the trust fund.
Arrowood serves as the tax assessor for the Camden County municipalities of Laurel Springs, Stratford, and Hi Nella. The indictment was returned on June 30. An arraignment will be scheduled soon in Superior Court in Burlington County.
The investigation was conducted by the Medford Township Police Department and the Burlington County Prosecutor’s Office.
