of “ill gotten gains.”

Which again, IIUC, the judge calculated as profits which would have not been obtained, absent the fraud.

How he calculated that, and whether he calculated it a) correctly and b) in accordance with the law, and c) in a manner supported by the evidence educed at trial, comprises the issues to be determined on appeal. The “nobody-was-damaged” issue, I think, already went up on interlocutory appeal and was found not to be a defense under NY law, IIRC.

I’m remembering that quite a bit of it involved the hotel in the Old Post Office building in DC, and frankly the amount surprised me. I wonder if there’s some vulnerability there?

There’s a big difference between “without the fraud the deal wouldn’t have been done” and “without the fraud the interest rate would have been 1.3% higher.”