New York’s Executive Law § 63 was passed in 1956 to protect consumers from repeat fraudulent actors. The thinking was that an individual bilked out of $20 might not have an incentive to sue the fraudster because it wouldn’t be worth the time and expense of a private lawsuit. But a prosecutor could protect hundreds or thousands of consumers by prosecuting repeat offenders.
The power of Executive Law § 63 derives from the fact that prosecutors don’t have to prove a defendant intended to defraud anyone or that anyone was harmed by the defendant’s actions. All the prosecutor has to show is that a fraudulent act was committed while doing business in New York. All of the loans secured by the allegedly fraudulent documents were paid back on time, and Deutsche Bank, a financial giant, neither complained about their accuracy nor relied on them in calculating Trump’s worth. As a sophisticated business, Deutsche Bank did its own due diligence on Trump’s assets before lending him money against them.
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