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Employee Charged with Embezzling $94,000 From Groton Branch of North Middlesex Savings

An Ayer woman has been charged with embezzlement for allegedly stealing $94,000 from her employer, the Groton branch of North Middlesex Savings Bank, Middlesex District Attorney Marian Ryan and Groton Police Chief Donald Palma announced Thursday, May 2.

According to the press release issued by the DA's office, Cynthia Tuttle, 53, of Ayer, will be summoned to court on a charge of embezzlement.  She is slated to be arraigned June 12 in Ayer District Court.

"This defendant violated her position of authority and allegedly stole from the local bank in which she worked," District Attorney Ryan said.  "This defendant showed a complete disregard for the job she was hired to do."

"According to authorities, Tuttle was an employee of the North Middlesex Savings Bank at 489 Main St. in Groton.  Following an audit, the bank contacted police about a possible embezzlement and an investigation was launched in February.

"Through the investigation, authorities learned that Tuttle was head teller at the bank and had access to deposits and the bank's vault.  It is alleged that Tuttle would steal from the cash drawer and remove money from the vault.  It is alleged that Tuttle took $500 to $1,000 at a time, approximately once every two weeks, from her cash drawer. 

It is further alleged that the defendant misrepresented the amount of money placed in vault deposits in order to steal large sums of money.  In total, it is alleged that the defendant stole $94,000 between April 2012 and February 2013. The case was investigated by the Groton Police Department."

Statement From Bank President Walter J. Dwyer, IV, President & CEO of North Middlesex Savings Bank issued a statement following the DA's release.

He stressed, "The bank brought in the Groton Police Department within hours after we discovered the apparent theft. There was never any question whether or not we would pursue criminal action.

  "Most importantly, no customer funds were ever in jeopardy.  These were strictly bank funds at risk. The breakdown in controls which allowed this to happen has been addressed, and I am confident that this specific type of incident will not happen again. I wish I could say that we will never be subject to fraud in the future, but the unfortunate fact remains that sometimes desperate people do desperate things."

  He concluded, "The overall financial integrity of North Middlesex Savings Bank remains sound. We continue to be profitable, even in February when we recognized the loss from the incident in Groton.  We remain well capitalized by all regulatory standards, and we are still open for business."

  The press release underscored that the charges are allegations and the defendant is presumed innocent until proven guilty. The Assistant District Attorney assigned to the case is Doug Cannon.

Groton Herald

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P.O. Box 610, Groton, Massachusetts 01450

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