David Weimert (defendant) was the vice-president of a struggling Wisconsin bank during the 2008–2009 financial crisis. Weimert managed to negotiate selling the bank’s share in a commercial real estate development at a price about a third higher than the bank’s actual target price. Weimert fully disclosed the terms of the deal, and the terms were subject to negotiation, but Weimert overstated the bank’s true negotiating position. The bank fired Weimert when it discovered the deception, and the federal government (plaintiff) charged and convicted Weimert for criminal wire fraud. Weimert appealed.