Cynthia Tuttle Pleads Guilty to Embezzling $94,270
Cynthia Tuttle, 53 of Ayer has pled guilty to charges of embezzlement from North Middlesex Savings Bank in Groton and received 3 years' probation, 90 days in the House of Correction, restitution of $94,270 to the bank, must obtain and maintain employment, and must attend Gambler's Anonymous according to Middlesex Assistant District Attorney Doug Cannon. Tuttle is currently in custody in Framingham.
The theft of the funds occurred between April 2012 and February 2013 when Tuttle was the head teller and had access to deposits and the bank vault at the North Middlesex Savings Bank at 480 Main Street in Groton. Following an audit, the bank contacted the Groton Police and an investigation was launched in February resulting in her arrest.
In a story in the Groton Herald, District Attorney Ryan was quoted as saying "This defendant violated her position of authority and allegedly stole from the local bank in which she worked," and "This defendant showed a complete disregard for the job she was hired to do."
Tuttle was an employee of the North Middlesex SavingsBank 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. At that time it was alleged that Tuttle would steal from the cash drawer and remove money from the vault. Apparently Tuttle took $500 to $1,000 at a time, approximately once every two weeks, from her cash drawer.
The defendant misrepresented the amount of money placed in vault deposits in order to steal large sums of money. In total, the defendant apparently stole $94,000 between April 2012 and February 2013. The case was investigated by the Groton Police Department."
President Walter J. Dwyer, IV, President & CEO of NorthMiddlesex 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 Bankremains 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."
