After deliberating for three hours, a federal jury of five men and seven women found a defendant guilty of wire fraud conspiracy. In 2003, the defendant recruited an unlicensed appraiser to prepare fraudulent appraisals. Between 2003 and 2005, the appraiser prepared more than $67 million in fraudulent appraisals. The appraisals were fraudulent not only because they falsely represented that a licensed appraiser prepared the appraisals but also because the appraisals overstated the values of the properties serving as collateral for the loans. The appraiser also altered the pictures of the properties being appraised to make it look like the properties were in better condition than they really were, and in some cases, he substituted pictures of completely different properties rather than the properties subject to the appraisals.