Avenatti's two legal cases are serious. This one should worry him more.

In all, the complaint looks to be a “garden variety” case of fraud, false tax returns and false statements to a bank, CNN analyst Jeffrey Toobin said.

Honig described it as a “straight paper case,” and one that first- or second-year prosecutors with limited experience can handle.

“You prove that Avenatti inflated his own assets and deflated his liabilities in order to get millions of dollars worth of bank loans that he wouldn’t otherwise have gotten. That’s a straightforward bank fraud case,” he said.

“There’s not an obvious defense to any of that,” he added.