JACKSONVILLE, Fla. -- A 51-year-old man will spend 30 years in federal prison and pay a $1 million fine after pleading guilty to conspiracy to commit wire and bank fraud.

Juan Carlos Gonzalez pleaded guilty in U.S. District Court in Jacksonville, according to United States Attorney A. Brian Albritton.

According to the plea agreement, Gonzalez, a licensed real estate appraiser, fraudulently inflated values on properties in 2004 and 2005.

At Gonzalez's direction, altered financial documents such as bank statements and the fraudulent appraisals, were submitted to lenders.

The loans obtained with the fraudulent information significantly exceeded the actual purchase price. At the closings on the properties, Gonzalez was paid the difference between the loan amount and the actual purchase price.

Over the course of the scheme, Gonzalez fraudulently obtained loans on at least 42 properties, victimizing numerous lenders, prosecutors said.

According to court documents, Gonzalez grossed more than $5 million in proceeds from the scheme.