Not my reasoning -- majority of legal analysts' reasoning as I've posted.

If the bank officials & insurance agents (or accounting/auditors) were in on the mis-statements, then it would be a scam and part of the criminal case. Mazars sure dropped trump like a hot potato when all of this came to light. We'll have to wait for 3/25 criminal case for a determination to see if any of these people "knowingly" supported the transactions without having done their standard due diligence. If they are found to have neglected their fiduciary duty, then yes, they should also be charged. But that is secondary to trumps fraud.

Here's the trump org chart. If you were a loan officer and had a request for a transaction from just one entity on this list with accompanying financial statements signed off by the reputable firm Mazars (even with standard disclaimer language about relying on trump statements) and with personal assurance from a trump officer and pressure from your management to make this whale client as happy as possible, would you have the staff & knowledge wherewith-all to make a 100% accurate assessment of risk? Now multiply that by many requests, many banks, many loan applications, many property insurance applications, etc. over a 10 year period.

The grand jury saw enough evidence to bring the suit forward.

https://s3.documentcloud.org/documents/24233987/nyag-v-trump-ags-trump-organization-chart.pdf

https://www.cfodive.com/news/ex-controller-stand-trump-attorneys-fraud-trial-accounting/700506/

You are the one who just doesn't get that victims aren't necessary for trumps actions to be tried as financial record fraud.

Effate commented that trump is the worst fraudster ever because banks and insurers were happy with the transaction at the time of the deals. I'll bet they aren't now when they know they've been duped. Even worst fraudsters are the parents who paid many times more to get their kids into their preferred schools. In addition to paying more, they got fines and jail terms. Manipulating financial markets is fraud and illegal and should be prosecuted to the highest penalty possible.

You are just on the wrong track here. A claim of no victims is not going to get traction in an appeal under the 63-12 law. The only chance of appeal comes from whether that law has been properly applied to trumps misstating financial records and/or that the fine was not proportional to the amount of ill-gotten gains.

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   3 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.

https://codes.findlaw.com/ny/executive-law/exc-sect-63/

https://www.forbes.com/sites/alisondurkee/2023/10/17/trump-keeps-attacking-this-statute-in-ny-fraud-case-heres-why-his-claims-lack-merit/?sh=5e4e267c7ab8

Money in the stock market is, for the most part, simply parked there. It produces nothing. It doesn't belong to the company, it is the way those with money trade ownership with each other. The company doesn't get that money to invest in new stuff or employees or CEOs. Only when the company sells new stock, or sells treasury shares, or uses earnings or borrows does that company have new money to invest.
When, as you say, an investor actually starts something new, or buys and puts money into an existing venture, that investor is actually pumping money into the economy.
Yet today most of the financial "news" is whether stock prices are up or down, and for every dollar used to buy stock at a higher price, the seller takes his money out. Real financial news would report whether wages are up or down, prices are up or down, production is up or down.

That's the big question. In my view, there shouldn't be one. Title IX prohibits sex-based discrimination in any school or any other education program that receives funding from the federal government. Male or female sex is determined by XY or XX chromosomes. Trying to change that is impossible. A boy is a boy and should compete in boy's (men's) sports. A girl is a girl and should compete in girl's (women's) sports. Too many folks are overthinking the issue. One may 'think' they are another gender, but Title IX does not address that. It specifically refers to 'sex'.