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MADISON (WAOW) -
The former president and chief operating officer of Manson Insurance has pleaded guilty in a fraud scheme.
According to online court documents, Timothy Mathwich pleaded guilty Tuesday to two counts, 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 in forged insurance premium notes to River Valley Bank. That cost the bank nearly $2 million.
Cases against the other executives involved, former CEO David Scholfield and former company Secretary Susan Brockman, were settled.
Mathwich is scheduled to be sentenced February 14, 2013. Both counts carry a 250,000 dollar fine and up to five years in prison.
According to the plea agreement, Mathwich will also have to pay restitution.
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