Trump Criticizes $350 Million Court Ruling, Predicts Business Exodus from New York; Kevin O’Leary Joins in Condemnation

by Jessica

Former President Donald Trump has denounced a recent court ruling that slapped him with a hefty fine exceeding $350 million, asserting that it could trigger an exodus of businesses from New York State. Venture capitalist Kevin O’Leary echoed Trump’s sentiments, branding New York as an unattractive and uninvestable “mega loser state” due to the consequences of the ruling.

The civil fraud trial, which accused Trump of inflating asset values to secure more favorable loan terms, concluded with a ruling by New York Supreme Court Justice Arthur Engoron on Feb. 16. The decision mandated Trump and Trump Organization executives to pay $355 million in damages and imposed a three-year ban on the former president from conducting business in the state.

In response, Trump claimed to have paid over $100 million in taxes and accused allegedly corrupt officials of driving businesses away from New York. He intends to appeal the ruling, anticipating significant implications.

O’Leary, renowned for his role on “Shark Tank,” criticized the ruling as “appalling,” “unjust,” and “un-American.” He cautioned that if not overturned on appeal, it could prompt businesses to exit the state. In an interview on Fox News, O’Leary argued that the ruling renders New York even less appealing for investors due to uncompetitive regulations.

He declared his reluctance to invest in New York now and predicted that foreign institutions, private equity firms, and pension funds would steer clear of the state. O’Leary categorized New York as a “mega loser state,” comparing it unfavorably to “winner states” like Tennessee with more favorable policies and competitive taxes.

Trump, using Truth Social, praised O’Leary for his critique of the ruling, foreseeing a potential exodus of businesses from New York. After O’Leary’s remarks, Trump reiterated this sentiment on social media, underscoring the potential adverse impact of the court’s decision on New York.

The civil fraud case, initiated by New York Attorney General Letitia James, accused Trump and the Trump Organization of defrauding banks, insurers, and others by allegedly overvaluing assets and exaggerating net worth. The trial focused on allegations that Trump submitted false financial data to obtain more favorable loan terms.

While Trump argued that no bank was victimized and lenders profited substantially from interest, Justice Engoron rejected the testimony of defense expert witnesses. The ruling mandated Trump and executives to pay $355 million in damages, including a three-year business ban for Trump in New York, and imposed fines of $4 million each on Trump’s sons, Donald Trump Jr. and Eric Trump.

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