Kevin O’Leary, well-known for his role on the hit show “Shark Tank,” has received praise from former President Donald Trump for denouncing a recent ruling in a fraud trial against Trump. The ruling, made by New York Supreme Court Justice Arthur Engoron, ordered Trump and Trump Organization executives to pay $355 million in damages and banned Trump from doing business in the state for three years. O’Leary, in an interview with the New York Post, called the ruling “appalling,” “unjust,” and “un-American.”
O’Leary’s criticism of the ruling stems from his belief that it sets a dangerous precedent for the real estate industry. He argues that if Trump is found guilty, then every real estate developer should be found guilty as well. O’Leary predicts that if the ruling stands, it could lead to an exodus of businesses from the state, echoing a warning previously issued by President Trump.
President Trump took to Truth Social, his own social media platform, to thank O’Leary for his sharp rebuke of the ruling and to predict an exodus of business from New York. This aligns with his previous statement outside a Manhattan courtroom, where he claimed that businesses were closely watching the case and that losing would have major ramifications.
The ruling has not only drawn criticism from O’Leary and President Trump but has also raised concerns within the commercial real estate market. Realtor Cara Ameer believes that the size of the penalty and the ruling itself could have a chilling effect on lenders and appraisers. Lenders may now view valuations and assessments as riskier propositions, while appraisers may face increased pressure and potential implications.
The trial at the center of this ruling focused on allegations that Trump and the Trump Organization defrauded banks, insurers, and others by overvaluing assets and exaggerating net worth. President Trump has argued that no banks were victimized and that lenders actually profited from the loans. He also claims that his net worth is higher when his brand value is taken into account.
However, Judge Engoron’s legal opinion repeatedly rejected the testimony of expert witnesses called by the defense to uphold the validity of the Trump Organization’s financial statements. The judge stated that the statements were fraudulent and that the defendants failed to accept responsibility or implement internal controls.
In conclusion, Kevin O’Leary’s denouncement of the recent ruling against Donald Trump has garnered praise from the former president. The ruling, which fined Trump and banned him from doing business in New York for three years, has drawn criticism for setting a dangerous precedent in the real estate industry. O’Leary argues that if Trump is found guilty, then all real estate developers should be found guilty as well. This ruling has also raised concerns within the commercial real estate market, with fears of a chilling effect on lenders and appraisers. Ultimately, this case highlights the ongoing legal battles and controversies surrounding Donald Trump and his business empire.
