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Shark Tank star Kevin O’Leary criticized a New York court’s $355 million civil fraud verdict against Donald Trump, saying the ruling will drive companies out of the state.
“Putting aside the whole Trump thing and looking at what happened here, no different than any other investor, I’m surprised by this,” O’Leary said. fox business on Monday.
‘I can’t even understand or understand the decision at all. There’s no reason for it,” added O’Leary, a businessman and television personality.
O’Leary argued that the verdict would accelerate the flight of companies from New York to more business-friendly, lower-tax states.
‘New York was already a losing state, as is California. “There are a lot of losing states because of politics, high taxes, competitive regulation,” she said. ‘I would never invest in New York now. And I’m not the only person who says that.
Shark Tank star Kevin O’Leary criticized a New York court’s $355 million civil fraud verdict against Donald Trump, saying the ruling will drive companies out of the state.
On Friday, a New York judge ordered Trump to pay $355 million after concluding that he had lied about his wealth for years to obtain more favorable loan terms.
On Friday, a New York judge ordered Trump to pay $355 million after concluding that he had lied about his wealth for years, conspiring to deceive banks, insurers and others by inflating his wealth on financial statements.
Trump has promised to appeal and has criticized the ruling as “an anarchic and unconstitutional atrocity that sets our laws on fire like no one in this country has ever seen before.”
O’Leary argued that the verdict would discourage business development in the state, citing his own experience developing data centers as an example.
‘I can’t go to New York. So I’m going to Oklahoma, North Dakota and West Virginia,” she said. “I’m talking about a $4 billion data center; it’s no coincidence that I put it in New York, zero probability, never.”
‘Do you think any foreign institution, any private equity firm or any pension fund would touch New York? No. And that’s why the New Yorker should be worried,” O’Leary added.
‘It’s not just existing companies that are fleeing to Texas and Florida. What about new money like this? he continued.
‘You have to start thinking about this in the context of winners and losers. “New York is a mega-losing state,” she stated.
New York Judge Arthur Engoron ruled Friday in a 92-page order that Trump must pay the staggering $355 million fine.
Judge Arthur Engoron ruled Friday in a 92-page order that Trump must pay the staggering $355 million fine in a ruling in which he criticized the former president for a “complete lack of contrition and remorse.”
The payments will exceed $450 with interest and come after another court ordered Trump to pay $83 million to E. Jean Caroll after a jury found him liable for defamation.
Trump has testified that he had more than $400 million in cash, but there are questions about his ability to raise funds from his real estate empire.
Although he is appealing the ruling, Trump will soon have to post the full penalty in the form of bail to avoid fines or asset seizures.
Trump’s attorney, Alina Habba, said Monday that he will be able to post bail while the appeal process plays out, amid intense speculation about how he will raise the cash.
“I would never access anything privileged,” Habba told Fox News on Monday.
‘I can tell you what the rules are. Within 30 days, even if we decide to appeal this, we have to pay the bond, which is the full amount and something more. We will be prepared to do it,’ he stated.
Trump’s challenge will be to secure the link even at a time when Engoron placed control of his company in the hands of an additional independent monitor and prohibited him from running any company in New York state for a period of three years.