January 6 committee highlights Trump money trail after election loss

"If anybody else had raised $200 million under such obviously false pretenses, they would be prosecuted in federal court for fraud," Noti said. "To raise that amount of money from unsophisticated donors, based on manifestly untrue statements, is what fraud prosecutions are made of." But Noti said that doesn't mean that the Justice Department would seek to pursue what he said would be a "novel" fraud case over misleading fundraising appeals, particularly involving a then-sitting president. 

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