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Final suspect reaches plea deal in Manson Insurance fraud case

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Gavel & Stryker, made from Cherry & Ash, sold to Whitney Hoffman. By KeithBurtis (Flickr: Gavel & Stryker) [CC-BY-2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons
Gavel & Stryker, made from Cherry & Ash, sold to Whitney Hoffman. By KeithBurtis (Flickr: Gavel & Stryker) [CC-BY-2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

UNDATED (WSAU) There's been a plea bargain in the Manson Insurance fraud case. The former President and CEO Timothy Mathwich will plead guilty to two counts: conspiracy to commit bank fraud and conspiracy to misappropriate insurance credits.

He'll enter his pleas in federal court next week. Each charge carries a maximum 5-year jail term and fines of up to a quarter-million dollars.

The two other suspects in the case - CEO David Schofield and secretary Susan Brockman - also reached plea deals.

The three are accused of ripping off Manson Insurance clients by taking forging insurance premium financing notes in their name, and selling them to River Valley Bank. The scheme was uncovered when the bank purchased Manson Insurance. The bank lost more than $2-million dollars.

The settlement includes the paying of restitution.

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