Two weeks ago, on February 16, in a case brought by New York Attorney General Letitia James, Justice Arthur Engoron of the New York State Supreme Court issued his decision ordering Donald Trump to pay some $355 million of “disgorgement” penalties. The stated basis for imposing these extraordinary penalties was Trump’s supposed “fraud” of exaggerating the value of some of his properties on financial statements submitted to a bank. No one had been damaged by Trump’s conduct, and the bank in question had neither complained nor sought any relief; however, the Attorney General asserted, and the judge agreed, that a...