Former Manson Ins. C.O.O. Pleads Guilty to Fraud

The man involved in a bank fraud scheme is scheduled to be sentenced in February.

62-year-old Timothy Mathwich pleaded guilty Tuesday to conspiracy to commit bank fraud and conspiracy to misappropriate insurance credits.

22-other charges were dropped in the plea deal.

Mathwich is the former president and chief operating officer of Manson Insurance.

He was indicted for $7.5 million worth of fraud schemes after the FBI raided his company's offices in 2010.

Two other former employees have already been sentenced to prison for their role in the crime