NY Judge Gets Devastating News After Trump Ruling
Investor and Shark Tank personality Kevin O’Leary expressed his reconsideration of investments in New York, labeling it a “mega loser state” in response to former President Donald Trump’s $350 million or more fraud ruling.
During an appearance on Fox Business Network’s “Cavuto Coast To Coast,” O’Leary voiced his disbelief, stating, “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 criticized New York’s policies, citing high taxes and uncompetitive regulations as reasons for its decline as a favorable investment destination. “New York was already a loser state, like California is a loser state; there are many loser states because of policy...I would never invest in New York now. I’m not the only person saying that,” O’Leary remarked.
He emphasized the need for New Yorkers to question their state’s status, asserting, “The fine people of New York should ask themselves why are we a loser state? How are we going to attract business?” O’Leary expressed skepticism about attracting new investments, such as a $4 billion data center, to New York.
Highlighting Tennessee’s success, O’Leary contrasted it with New York, emphasizing the importance of favorable policies and competitive taxes in fostering economic growth.
In the civil trial presided over by Judge Arthur Engoron, Trump was ordered to pay $355 million, a decision he intends to challenge. Trump’s lawyer, Chris Kise, criticized the ruling, accusing Engoron and New York Attorney General Letitia James of attempting to drive Trump out of the state.
The trial, initiated by James in September 2022, accused Trump, the Trump Organization, and several individuals, including his sons Eric and Donald Jr., of financial misconduct. Engoron’s ruling found Trump guilty of inflating his wealth to obtain favorable financing.
Trump, Weisselberg, and McConney are barred from executive positions in New York corporations for three years, and Eric and Donald Jr. face restrictions and fines. Trump denounced the case as politically motivated and denies any wrongdoing.
The determination of fraud in the trial will impact potential appeals. Professor Greg Germain of Syracuse University explained that Trump must prove the absence of traditional fraud elements, such as intent to defraud and false statements.
The New York AG’s side argues that Executive Order 63.12 exempts them from proving each fraud element, allowing the use of subpoenas and civil claims in fraud cases.
Testimony revealed that the loan application wasn’t solely based on Trump’s claims, suggesting a complex legal battle ahead.