Podcast Summary
New York's Unique Legal Tools to Combat Business Fraud: The New York Attorney General's office has powerful legal tools, such as Executive Law 63-12 and the Martin Act, to combat business fraud, including the ability to seek 'discouragement' to claw back fraudulently obtained funds.
The New York attorney general, Leticia James, has unique and powerful legal tools at her disposal to combat fraud in New York businesses, including Executive Law 63-12 and the Martin Act. These laws have been in effect since 1956 and are well-known to New York lawyers. During a recent trial involving Donald Trump, the defense team, led by Christopher Kuise, made arguments that were based on a lack of understanding of these laws. The judge, Enguerrand, expressed frustration with these arguments, which had been settled law for decades. Discouragement, a remedy used in restitution for fraud, was explained as different from damages. It involves clawing back money obtained through fraudulent means. The New York attorney general's office is particularly robust in pursuing fraud cases due to these unique laws, reflecting New York's status as the economic capital of the world and home to Wall Street.
Trump's case: Fighting to keep ill-gotten gains: Trump faces potential billions in disgorgement for using false financial statements, a precedent-setting penalty
That the Trump case involves the fight over disgorgement of ill-gotten gains. Trump and his associates used fraudulent financial statements to secure deals, loans, insurance, and leases. The disgorgement amount is calculated by determining how much Trump would not have been entitled to if he had told the truth. This could potentially amount to billions of dollars, and the lawyers for Trump reportedly dislike this aspect of the case due to its potential financial implications and the precedent it sets. The power to award disgorgement, including restitution, fines, and damages, comes from New York's Civil Practice Law and Rules section 63-12. The case law allowing for disgorgement in this context was established in a previous case involving Trump.
The Power of Precedent and Importance of Sleep: Precedent sets legal norms and influences future cases, while consistent sleep routines promote better mental and physical health and productivity
Precedent plays a significant role in law, as seen in the case of Schneiderman versus Trump University. This case established the New York attorney general's ability to seek disgorgement, which is a legal remedy used to restore ill-gotten gains. Sleep is another essential aspect of our lives, and having a consistent nighttime routine, such as using Beam Dream's healthy hot cocoa for sleep, can lead to better mental and physical health and performance. Precedent, like in the Schneiderman case, sets a legal precedent that influences future cases. Meanwhile, neglecting sleep can negatively impact our health and productivity. Beam Dream's all-natural blend of ingredients, including reishi, magnesium, L-theanine, melatonin, and nano CBD, can help individuals fall asleep, stay asleep, and wake up refreshed. The power of precedent and the importance of sleep are two crucial lessons from this discussion. Take advantage of Beam's biggest sale of the year and get up to 50% off when you visit shopbeam.com/legalaf and use code cyber at checkout.
Lawyer from Florida faces challenges in New York trial due to lack of local knowledge: A lawyer from Florida, Chris Keist, is facing difficulties in a New York trial due to his unfamiliarity with local law. The judge, Angouoron, has criticized Keist for whistling past the graveyard and has dismissed his arguments about Deutsche Bank's review of Trump's financial statements.
During a trial in New York, a lawyer from Florida named Chris Keist is facing challenges due to his lack of understanding of New York law. The judge, Angouoron, has grown impatient with Keist's arguments and has accused him of "whistling past the graveyard," a New Yorkism meaning to act unconcerned when one is actually scared or worried about losing. Keist's primary argument is that Deutsche Bank, a major lender for the Trump Organization, did not carefully review Trump's financial statements before approving loans. However, Judge Angouoron has made it clear that under New York law, the materiality and reliance of this information are not relevant to the case. Keist would benefit from seeking legal counsel more familiar with New York law to strengthen his arguments and avoid further reprimands from the judge.
New York trial against Trump Organization: Seeking various remedies: The New York trial against the Trump Organization is ongoing, with the People of the State seeking remedies like canceling business certificates, dissolving companies, and removing Trump as trustee. Witnesses have testified about fraudulent financial statements, and a ruling in favor of the People is likely.
During the ongoing trial against the Trump Organization in New York, the People of the State are seeking various remedies, including canceling business certificates, dissolving companies, appointing a receiver and monitor, removing Donald Trump as trustee, banning him and his children from being corporate officers, and seeking a large disgorgement. The trial is ongoing due to the Attorney General's desire to build a complete appeal record, despite the judge's suggestion to focus on other remedies. Witnesses have already testified and presented evidence of fraudulent financial statements, and the defense is expected to recall these witnesses for their case. The trial may continue for several more weeks, with Donald Trump and his children potentially testifying. The judge has not yet made a decision, but the evidence and arguments presented so far strongly suggest the likelihood of a ruling in favor of the People of the State.
Michael Popok believes the judge he's reporting on has almost finished writing his order and opinion: Legal commentator Michael Popok predicts a judge's written order and opinion on a current case is imminent, based on his observation of the proceedings.
Michael Popok, a legal commentator, believes that the person he's been reporting on has already written the majority of his written order and opinion on a current case. He's just waiting for the legal proceedings to finish before publishing it. Popok is known for his hot takes on law, politics, and justice, which he shares on the Midas Touch YouTube channel along with his co-anchors Karen Friedman and Ben Mycellus. Their shows attract thousands of viewers and rank among the top 50 news channels in the world. If you're interested in legal news and debates, consider following Midas Touch on Instagram.
