NY Judge Gets Devastating News After Trump Ruling
Investor and Shark Tank star Kevin O’Leary stated that he is reconsidering his investment in New York, a “mega loser state,” in light of the former president Donald Trump’s $350 million or more fraud ruling.
“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 said during 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 said.
“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.”
In the former president’s civil trial in New York, Judge Arthur Engoron’s definition of fraud resulted in a $355 million judgment. Trump intends to contest this term.
Leading Trump lawyer Chris Kise called it a “sad day for the city” and accused Engoron and New York Attorney General Letitia James of attempting to drive Trump out of the state.
“The case raises serious legal and constitutional questions regarding ‘fraud’ claims/findings without any actual fraud,” Kise said.
James launched a lawsuit against Trump, the Trump Organization, two business officials, Allen Weisselberg and Jeff McConney, as well as his two adult sons, Eric and Donald Jr., in September 2022.
The trial’s overseer, Engoron, found that Trump had overstated his wealth in order to qualify for better business financing.
A trial to ascertain the quantum of damages that the former president and his cronies would be required to pay was conducted from late 2018 into early January of this year.
On February 16, Engoron announced a ruling declaring that Donald Trump will be required to pay a fine of around $355 million.
For a period of three years, Trump, Weisselberg, and McConney are not allowed to hold positions as executives or directors of any New York-based corporation.
Eric Trump and Donald Trump Jr. are have to pay more than $4 million apiece and are prohibited from doing business in the state for two years. Trump called the case politically motivated and rejects any misconduct.
The definition of fraud applied during the proceedings will determine whether the case is appealable.
Professor Greg Germain of Syracuse University of Law informed Newsweek that Trump will have to demonstrate on appeal that the New York AG lacks the authority 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’ side contends that Executive Order 63.12 of New York exempts them from having to demonstrate each of the six requirements.
The order permits the use of subpoenas and civil claims in the prosecution of fraud.
In testimony, a banking representative said that the loan application was not made exclusively based on Trump’s claims.