Much has been written about whether Donald Trump should be prosecuted for certain conduct while in office. Leaving aside his conduct as president, which inevitably raises political issues, is the question of his conduct as a businessman and that of the company that bears his name. Long before Mr. Trump and his family brought their reality show to Washington, they ran their real estate empire from New York, with great flash but questionable reputation. The Manhattan District Attorney’s investigation has nothing to do with federal law, public acts, or violations involving the political or electoral process. Moreover, as possible charges brought by a sovereign state, they cannot be pardoned by an outgoing President.

The ongoing investigation by the Manhattan District Attorney into Mr. Trump’s tax filings and financial dealings focuses on possible financial crimes undertaken by the Trump Organization and Donald Trump the businessman and (former) Manhattan resident. The contours of the public information suggest serious issues regarding criminal tax fraud and/or insurance and bank fraud. Such frauds are undertaken and prosecuted every day against wealthy New Yorkers who believed their riches and social prominence insulated them from criminal exposure. In other words, it is irrelevant to these prosecutions whether Mr. Trump was president; it all has to do with the way he ran his business and paid (or did not pay) his taxes.