Would it constitute embezzlement? This could be a felony
https://statelaws.findlaw.com/new-york-law/new-york-embezzlement-laws.html
It's some form of fraud.The older stuff may be outside the statute of limitations for prosecution.
This is a clever thing on the part of the NY AG. Putting it in terms of a civil suit preserves the idea that a President must be impeached before criminal charges can be filed, but he has to answer to it, just as Clinton had to answer to the Paula Jones suit. That's settled law.
OTOH, it shows the world that they think Trump is a liar, a cheat & a con man with evidence to back it up.
It's remarkable how Trump turns it around claiming he wouldn't settle. It's not that much money for Trump. The suit was likely filed because the AG insists on full disclosure. This is bigger than money.
I'm sure the AG's office has a long standing institutional relationship with Trump. They know he's a sleazy bastard who manages to skate away to the right side of the line when the occasion warrants it. They deal with a lot of guys like that. It's a stain on their honor that they let Trump get past 'em into the oval office. Maybe they can help fix that.