MADISON, Wis. (AP) — A federal grand jury has indicted the president of a Wausau insurance company on 24 counts of fraud.
According to an indictment issued Wednesday, J.N. Manson Agency President Timothy Mathwich forged insurance premium finance notes for customers who never requested them and then sold the notes to River Valley Bank. The scheme cost the bank more than $1.9 million between February 2008 and December 2008.
Mathwich faces up to 20 years in prison on each count if he’s convicted. His attorney, Stephen Jon Meyer, said he hasn’t seen the indictment but disputes the allegations.
Court records show the agency’s chief executive officer, David Scholfield, and treasurer, Susan Brockman, already have been sentenced to prison for their roles in the scheme. Each has been ordered to pay $5.2 million in restitution.