WAUSAU, WI (WTAQ) - A former president of Manson Insurance in Wausau is expected to be sentenced in February, after he pleaded guilty to a pair of federal charges.
22 other charges against Timothy Mathwich were dropped in a plea deal that was first announced last week.
Instead of going to trial next month as scheduled, Mathwich admits defrauding Manson customers of $5.6 million in fraudulent checks – and swindling Wausau’s River Valley Bank out of $4.7 million.
A grand jury indicted Mathwich in early February. The indictment said Mathwich forged insurance premium financing notes for customers who never asked for them – and the notes were then sold to the bank.
Former Manson CEO David Scholfield and former company treasurer Susan Brockman were sent to prison for their roles – and both were ordered to pay more than $5 million in restitution to victimized customers.
The Mathwich plea deal also includes restitution.