Medford Man Accused of Stealing Daughter's Trust Fund

A Medford man, who also serves as the tax assessor for three Camden County towns, was indicted Thursday for illegally transferring nearly $150,000 from his own daughter's trust fund into his own bank account, Burlington County Prosecutor Robert D. Bernardi said.

Richard W. Arrowood, 51, has been 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).

In May of last year, despite provisions, Arrowood named himself custodian of the trust fund and transferred $149,435.80 into his personal bank account, officials said.

Arrowood then used some of that money to pay overdue bills and buy cigars and meals, officials said.

The trust fund had been established for Arrowood's daughter by his father. The girl's mother discovered the transfers.

Arrowood is the tax assessor of Laurel Springs, Stratford and Hi-Nella, all Camden County towns. 

The investigation was conducted by the Medford Township Police Department and the Burlington County Prosecutor's Office.

An arraignment has yet to be scheduled.

Note: An indictment is merely an accusation. The defendant is presumed innocent unless or until proven guilty.