Scholfield pleads guilty to federal fraud - WAOW - Newsline 9, Wausau News, Weather, Sports

Scholfield pleads guilty to federal fraud

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MADISON (WAOW)--The former CEO of Manson Insurance pleaded guilty Wednesday to one federal count of conspiracy to commit bank fraud.

David Scholfield, 84, was accused of conspiring and defrauding RiverValley Bank of millions.

Scholfield admitted to drafting financing notes for customers who hadn't requested the funds. Further, Scholfield agreed that the court could consider the embezzlement of credits due Manson Insurance Agency customers and the providing of fraudulent loan notes to Acqua Finance as part of the criminal pattern of conduct.

Scholfield's sentencing is scheduled for June 14 at 1:00 p.m. He faces a maximum penalty of five years in prison, a $250,000 fine and restitution.

Meanwhile, federal paperwork also indicates Scholfield worked with an alleged co-conspirator.

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