I hope I can shed some light on legal aspects of Former Guy’s trial in New York, now in its fourth day. We’ll do this Q and A style, and I welcome any additional questions.
Q If the loans got paid in full, why are we here?
A New York has a statute – known as 63-12 – which gives its Attorney General authority to seek an order enjoining the continuation of business activities, etc. whenever someone engages in “repeated fraudulent or illegal acts or otherwise demonstrate persistent fraud or illegality in the carrying on, conducting or transaction of business.” The statute vests significant power in the AG and the court to which she applies