That might seem steep in a case with no victim calling for redress and no star witness pointing the finger at Mr. Trump.
But a little-known 70-year-old law made the punishment possible.
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.
In the Trump case, Ms. James accused the former president of inflating his net worth to obtain favorable loans and other financial benefits.
Mr. Trump, she argued, defrauded his lenders.
Persons:
Donald J, Trump, Letitia James, Martin Shkreli, James
Organizations:
Exxon Mobil, pharma
Locations:
New York, New