MADISON (WAOW) - A Mosinee man was sentenced to 30 days in federal jail and fined $25,000 on Wednesday for his role in an elaborate bank and insurance fraud scheme in Wausau, U.S. Attorney John Vaudreuil said.
Jeffrey Tiffany, 67, was convicted of making a false statement to a financial institution. Tiffany is the fourth person sentenced in the scheme after the FBI raided Manson Insurance offices in Wausau in June 2010, authorities said.
As senior vice president at River Valley Bank in Wausau, Tiffany handled the insurance premium financing program from Manson Insurance and knew one of the notes had been fraudulently signed, prosecutors said.
U.S. District Judge William Conley also sentenced Tiffany to 200 hours of community service and two years of supervised release, Vaudreuil said.
The former president of Manson Insurance, Timothy Mathwich, was sentenced earlier to five years in prison for his role in the scheme.
According to prosecutors, Mathwich wrongly obtained nearly $5 million in loans from River Valley Bank to finance insurance premiums and misappropriated customer's insurance credits or refunds that cost Manson Insurance nearly $6 million.
Mathwich was the third ex-Manson Insurance executive sentenced in the scheme. Chief executive officer David Schofield of Wausau was sentenced to five years in prison and vice president of operations Susan Brockman was sentenced to six months in prison. They were ordered to pay $5.2 million in restitution to Manson Insurance, prosecutors said.