Former Manson Insurance president reaches plea deal

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(WAOW) -

The former President and COO of Manson Insurance has reached a plea deal with federal prosecutors.

According to online court documents, Timothy Mathwich has agreed to plead guilty to two charges, including conspiracy to commit bank fraud and conspiracy to misappropriate insurance credits.

Mathwich was originally indicted on 24 felony counts.

In June 2010, the FBI raided the Manson Insurance offices in Wausau. Court documents show Mathwich and two other executives sold nearly 4 million dollars in forged insurance premium notes to River Valley Bank. That cost the bank nearly 2 million dollars.

Cases against the other executives involved, former CEO David Scholfield and former company Secretary Susan Brockman, were settled.

Mathwich is scheduled to appear in court next week. Both counts carry a 250,000 dollar fine and up to five years in prison.

According to the plea agreement, he will also have to pay restitution.

We reached out to Mathwich's attorney, but were unable to get a comment.

Former Manson Insurance president reaches plea deal - WAOW - Newsline 9, Wausau News, Weather, Sports

Former Manson Insurance president reaches plea deal

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