Judge Arthur Engoron sided with the attorney in Letitia James’ office and said, “that the mere fact that lenders were happy doesn’t mean that the statute wasn’t violated.”
For those who did not read the article:
Kevin Wallace, a lawyer from Letitia James’s office hit back at the defense lawyer.
“I think the idea that you can’t lie to a bank is pretty well established,” Wallace said.
Does anyone what the statute says, that the judge referred to?
But in my opinion the statute only comes into play when harm resulted to one or more parties of the loan, and there were no such harmed parties in these loan deals.
“I think the idea that you can’t lie to a bank is pretty well established,”
About a statement of fact.
In buying and selling, it is not based on facts but on what the market will bear.
Proverbs 20:14 — “This is bad, bad,” says whoever is buying— but then he brags as he walks away after the sale.
thanx. lotta weasel words here. Judge already pre-ruled that fraud existed.
https://www.nysenate.gov/legislation/laws/EXC/63
12. “Whenever any person shall engage in repeated fraudulent or illegal acts or otherwise demonstrate persistent fraud or illegality in the carrying on, conducting or transaction of business, the attorney general may apply, in the name of the people of the state of New York, to the supreme court of the state of New York, on notice of five days, for an order enjoining the continuance of such business activity or of any fraudulent or illegal acts, directing restitution and damages and, in an appropriate case, cancelling any certificate filed under and by virtue of the provisions of section four hundred forty of the former penal law or section one hundred thirty of the general business law, and the court may award the relief applied for or so much thereof as it may deem proper.
The word “fraud” or “fraudulent” as used herein shall include any device, scheme or artifice to defraud and any deception, misrepresentation, concealment, suppression, false pretense, false promise or unconscionable contractual provisions. The term “persistent fraud” or “illegality” as used herein shall include continuance or carrying on of any fraudulent or illegal act or conduct. The term “repeated” as used herein shall include repetition of any separate and distinct fraudulent or illegal act, or conduct which affects more than one person. Notwithstanding any law to the contrary, all monies recovered or obtained under this subdivision by a state agency or state official or employee acting in their official capacity shall be subject
to subdivision eleven of section four of the state finance law.
In connection with any such application, the attorney general is authorized to take proof and make a determination of the relevant facts and to issue subpoenas in accordance with the civil practice law and rules. Such authorization shall not abate or terminate by reason of any action or proceeding brought by the attorney general under this section.”