‘Shark Tank’ mogul Kevin O’Leary announced he is boycotting New York City following Judge Arthur Engoron’s $355 million ruling against former President Donald Trump. The decision was labeled as “corrupt and baseless” by O’Leary, who criticized both AG Letitia James and Judge Engoron for their roles in the case.
“I’m shocked,” O’Leary told Fox News. “There’s no rationale for it. I can’t even understand or fathom the decision at all.” He extended his criticism towards the state of New York, branding it a “loser state” alongside California due to unfavorable policies, high taxes, and uncompetitive regulation.
“[New York] was already on the top of the list of being a loser state. I would never invest in New York now, and I’m not the only person saying that.” The reality TV star and entrepreneur also highlighted the impact of the ruling on future investments, particularly in high-end data centers, which are a booming asset class in the real estate sector.
“This has nothing to do with Trump. Forget about Trump. This is not a Trump situation. This is a New York problem now.”
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Engoron ruled that Trump must pay over $350 million and is barred from conducting any business in New York State for three years. The landmark ruling on Friday not only threatens to drain Trump’s available cash reserves but also marks a critical juncture in his business career.
The New York Attorney General, Letitia James, accused Trump and his company of inflating asset values on financial statements provided to lenders, insurers, and tax authorities to obtain benefits such as loans and tax deductions.
Judge Engoron played a critical role in the legal saga. Notably, he ordered Trump to comply with subpoenas for documents and testimony related to the investigation, and at times, he ruled against Trump’s legal arguments aiming to limit the scope of the investigation or dismiss the case outright. The case has been highly polarizing. Supporters of Trump have criticized the investigation and Engoron’s rulings as politically motivated.
Trump’s response from his home in Mar-a-Lago was swift and unyielding, as he took to the media to denounce Judge Engoron as “corrupt” and to castigate the state of New York for its impending financial collapse.
“I also knew we have a corrupt judge. He’s not a respected man,” Trump stated. “Again, I said before, he’s been overturned on this case by the appellate division four times already. It’s a record. Nobody’s ever been overturned on one case four times.”
The former President did not stop at criticizing the judiciary. He extended his commentary to the broader state of New York. “It’s a state that’s going bust because everybody’s leaving and it’s all headed up by Biden who’s destroying our country.”
The court found that Trump and his associated entities engaged in fraudulent activities by submitting false financial data to banks and insurers to secure loans and insurance at more favorable rates.
Despite the defense’s denial of these allegations, court documents state they found substantial evidence of fraudulent misrepresentation and imposed several remedies, including the continuation of an Independent Monitor’s appointment, the installation of an Independent Director of Compliance, and restrictions on the defendant’s ability to conduct business in New York for a few years.
