The former president of Manson Insurance in Wausau was sentenced to 5 years in prison yesterday.

Timothy Mathwich received the sentence after previously being convicted of conspiracy to commit bank fraud and conspiracy to misappropriate insurance credits. He reached a plea deal in federal court last fall.

In addition to the prison time, he is also expected to pay restitution.

Mathwich was accused of falsely obtaining nearly $5million in bank loans to finance insurance premiums and misappropriated customer insurance credits.

David Schofield, the former Chief Executive Officer of Manson Insurance had previously been sentenced to a similar 5 years. Vice President Susan Brockman was sentenced to 6 months back in 2011.