After the financial crisis of 2008, Anchor BanCorp Wisconsin (ABCW), and its subsidiaries, AnchorBank and Investment Directions, Inc. (IDI) were in dire straits. Anchorbank and ABCW were trying to negotiate an extension for a $116 million loan from U.S. Bank with a large payment due by the end of March 2009. On December 29, 2008, David Weimert, the vice president of AnchorBank, and the president of IDI was instructed to sell commercial properties held by IDI to acquire the cash to pay U.S. Bank in March. Walmart successfully closed a deal that resulted in $2 million more than he was told to sell for while also reducing IDI’s mortgage liability by $15 million, therefore freeing more money that could be sent to AnchorBank or ABCW. In closing the deal, however, Weimert saw an opportunity to insert himself into the transaction. Weimert convinced the two prospective buyers that he would be a useful partner. Both buyers included a provision having Weimert buy a small percentage of the property in their offer letter. Testimony given at the subsequent trial revealed that Weimert had misled the board of directors that the buyers would not purchase the property unless he was included in the deal. Indeed, Weimert was convicted of five out of six counts of wire fraud on the theory that his actions were part of a scheme to obtain money or property by fraud. Weimert appealed the ruling on grounds that his actions did not rise to the level of fraud.