Medford, NJ Man Accused Of Raiding Daughter’s Trust Fund
MEDFORD, N.J. (CBS) - A Medford man has been indicted on theft charges involving his daughter’s trust fund.
Richard Arrowood, 51, is currently employed as a tax assessor in three Camden County communities. He is charged in Burlington County with taking almost $150,000 in May of last year to pay outstanding bills and cover personal expenses. But his attorney, Mike Rothmel, insists the money was never stolen.
“Mr. Arrowood borrowed the money from his daughter’s trust and has already paid back $113,000.”
The rest is being repaid in regular installments through family court which, according to Rothmel, considers the transfer a loan. The trust fund for the two-year-old girl was set up by her grandfather, payable when she turns 25.
Her mother called authorities when she noticed the balance was low.
Reported by David Madden, KYW Newsradio