MADISON (WSAU) The former president and CEO of Manson Insurance was sentenced to 5-years in federal prison yesterday. 62-year-old Timothy Mathwich pled guilty last November to bank and insurance-fraud charges. When he's done serving his jail time, he'll be on extended supervision for another three years.
Mathwich and two other Manson employees forged more than $3-million worth of insurance financing notes in the names of their customers. Those notes were sold to River Valley Bank, with Mathwich and his accomplices keeping the money. The embezzlement scheme dates back to 2008. It was uncovered when River Valley Bank bought out Manson Insurance, and contacted the FBI. The Manson Insurance offices were raided by investigators, and computer files and other evidence were taken in 2010.
River Valley Bank was not involved in any wrongdoing.