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I wasn't aware of this statute. It will be interesting if this withstands appellate review. It seems like the perfect vehicle for selective enforcement. I would like to know how often it's been used.
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https://www.nytimes.com/2022/09/23/nyregion/donald-trump-letitia-james-lawsuit.html
Provides some recent history of NY AG using this statute.
One was against Trump university
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Law was passed in 1956.
I can’t find any information about why it was passed.
NY sued Exxon for climate change under this statute.
https://en.m.wikipedia.org/wiki/People_v._Exxon_Mobil
There is also a question about statute of limitations
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This is a good summary of the ruling
https://reason.com/2024/02/19/how-a-judge-arrived-at-a-staggering-disgorgement-order-against-trump/