Ex-insurance agent enters plea in mail fraud case

DES MOINES, Iowa (AP) — A Marshalltown insurance agent accused of selling customers fake insurance policies has pleaded guilty to a charge of wire fraud in a plea agreement reached with prosecutors.

In exchange for the guilty plea four other charges will be dropped against William Arthur Thiede.

An indictment filed in federal court in Des Moines in July says Thiede sold fake insurance policies to customers and pocketed more than $167,000 between 2004 and 2010.

Court documents say American Family Insurance either gave customers their money back or honored the insurance policies.

Thiede, who is 65 and the former president of the Marshalltown Chamber of Commerce, admitted to the charge in a plea agreement. He faces up to 20 years in prison.

On Tuesday a federal judge accepted the plea agreement.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s