O’Leary Slams Trump Fraud Ruling, Says He’d Never Invest in ‘Mega Loser’ NY

Shark Tank star and investor Kevin O’Leary stated that former President Donald Trump’s $350 million-plus fraud ruling is making him rethink investing in the “mega loser state” of New York.

“I’m not different than any other investor. I’m shocked at this. I can’t even understand or fathom the decision at all. There’s no rationale for it,” O’Leary stated throughout an interview on Fox Business Network’s “Cavuto Coast To Coast.”

“It does not matter what the governor says. New York was already a loser state, like California is a loser state there are many loser states because of policy, high taxes, uncompetitive regulation it was already on the top of the list to be the loser state. I would never invest in New York now. I’m not the only person saying that,” O’Leary stated.

“That is why New Yorkers should be concerned. The fine people of New York should ask themselves why are we a loser state? How are we going to attract business? It is not just the existing businesses moving to Texas and Florida, what about new money that I’m talking about like a 4 billion-dollar data center? Not a chance I would put that in New York,” O’Leary added.

He concluded, “They have a lot of work to do to find themselves getting out of the situation and this has occurred post pandemic. It’s winner versus loser states, look at Tennessee the fastest growing city in Nashville, good policy, competitive taxes. You gotta start thinking about this in the context of winners and losers. New York is a mega loser state.”

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Trump will problem Judge Arthur Engoron’s definition of fraud that led to a $355 million judgment in the previous president’s New York civil trial.

Chris Kise, Trump’s lead legal professional in the case, accused New York Attorney General Letitia James and Engoron of trying to force Trump out of New York, calling it a tragic day for the town.

“The case raises serious legal and constitutional questions regarding ‘fraud’ claims/findings without any actual fraud,” Kise stated.

In September 2022, James filed a lawsuit towards Trump, his two grownup sons, Donald Jr. and Eric, the Trump Organization, and two agency executives, Allen Weisselberg and Jeff McConney.

Engoron, who oversaw the trial, found that Trump had inflated his property to acquire extra advantageous enterprise loans.

A trial was held from late final 12 months into early January to find out the quantity of damages that the previous president and his associates must pay.

Engoron issued a call on February 16 stating that Donald Trump must pay a positive of about $355 million.

Trump, Weisselberg, and McConney are prohibited from serving as officers or administrators of any New York company for 3 years.

Donald Trump Jr. and Eric Trump should pay over $4 million every and can’t conduct any enterprise in the state for two years. Trump denies any wrongdoing and calls the case politically motivated.

The enchantment of the case is dependent upon the definition of fraud used in the proceedings.

Greg Germain, a professor on the Syracuse University of Law, advised Newsweek that on enchantment, Trump might want to show the New ork AG doesn’t possess the facility to punish him “without showing the traditional elements of fraud: (1) scienter—intent to defraud, (2) false statements of fact rather than opinion or trade puffing, (3) reasonable reliance by the victims, (4) materiality, (5) causation, and (6) damages.”

James’ staff argues that they don’t must show all six components beneath New York’s Executive Order 63.12.

The order permits the prosecution of fraud with civil allegations and subpoenas.

A banking official testified that they didn’t solely depend on Trump’s statements for a mortgage utility.

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