It was always a fraud case with no victims. No one lost money. No bank cried foul. No insurance company claimed they’d been swindled. Yet, for the last year, New York Attorney General Letitia James and Judge Arthur Engoron have tried to convince the world that Donald J. Trump—the most scrutinized businessman in America—was some kind of cartoon con man who needed to be fined half a billion dollars and run out of his home state. On Thursday, the façade finally cracked. A five-judge panel of...