Donald Trump praised Shark Tank star Kevin O’Leary after the investor shunned New York following Judge Arthur Engoron’s ruling in the former president’s civil fraud case.
On Friday, Engoron ordered Trump to pay roughly $355 million and barred him from doing business in New York for three years following a monthslong trial to determine damages after the judge found that the former president was liable for business fraud. Trump has maintained his innocence and claimed the case was politically motivated as he is the GOP frontrunner in the 2024 presidential race.
Engoron’s decision comes after New York Attorney General Letitia James filed a lawsuit in September 2022 accusing the former president, his two adult sons, Donald Jr. and Eric, The Trump Organization and two firm executives, Allen Weisselberg and Jeff McConney, of fraudulently overvaluing assets to secure more favorable bank loans and taxation deals. The other defendants in the case have also received financial penalties and are banned from doing business in New York for periods of time.
On Monday afternoon, Trump posted on his social media platform Truth Social, “Kevin O’Leary is so great, and tells it like it is. Businesses will flee NYC & State after the Corrupt Judge’s ruling!”
Spencer Platt/Michael Kovac/Getty Images
O’Leary, chairman of O’Leary Ventures, told Fox Business’ Neil Cavuto, earlier Monday, “I’m no different than any investor, I’m shocked at this. I can’t even understand or fathom the decision at all. There’s no rationale for it,” referring to Engoron’s ruling.
“It doesn’t matter what the governor says, New York was already a loser state, like California is a loser state. There are a lot of loser states because of policy, high taxes, uncompetitive regulation,” O’Leary said. “I would never invest in New York now and I’m not the only person saying that.”
He continued: “It’s not just the existing businesses that are fleeing out to Texas and Florida. What about new money like what I’m talking about like a $4 billion data center? Not a chance I would put that in New York. Zero probability. Never. And so they’ve got a lot of work to do to find themselves getting out of this situation.”
Cavuto then asked O’Leary about what New York Governor Kathy Hochul has been saying in an attempt to reassure New Yorkers. Hochul said on local radio station 77 WABC on Sunday: “The law-abiding and rule-following New Yorkers who are businesspeople have nothing to worry about because they’re very different than Donald Trump and his behavior.”
“Every investor’s worried because where is the victim? Who lost money? This is some arbitrary decision a judge made,” O’Leary said on Cavuto: Coast To Coast. “I’m sorry her words fall on deaf ears to everybody. There’s nothing she can say to justify this decision. And this has nothing to do with Trump…this is not a Trump situation. This is a New York problem now.”
Newsweek reached out to Trump’s campaign via email and O’Leary via LinkedIn for comment.
Trump’s lawyer Christopher Kise said the former president will appeal Engoron’s ruling, telling Newsweek via email on Friday, “The Court today ignored the law, ignored the facts, and simply signed off on the Attorney General’s manifestly unjust political crusade against the front-running candidate for President of the United States.”
Meanwhile, New York Attorney General Letitia James called the ruling “a massive victory” on X, formerly Twitter, adding, “No matter how big, how rich, or how powerful you are, no one is above the law. Not even Donald Trump.”
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.