The law, often referred to by its shorthand, 63(12), which stems from its place in New York's rule book, is a regulatory bazooka for the state's attorney general, Letitia James. Her office has used it to aim at a wide range of corporate giants: the oil company Exxon Mobil, the tobacco brand Juul and the pharma executive Martin Shkreli.
None offered evidence showing that Mr. Trump explicitly intended to fool the banks. It might seem like a fatal flaw, but under 63(12), such evidence was not necessary to find fraud.
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