Kevin O’Leary strongly condemned a New York court’s ruling that fined the former president Donald Trump $355 million, calling the decision “unfair,” “appalling,” and “un-American.”
The ruling of the Manhattan Supreme Court, pronounced by Justice Arthur Engoron on Friday, not only imposed a significant financial penalty on Trump but also temporarily banned him from doing business in New York.
O’Leary, famous for his role on “Shark Tank,” condemned the ruling because it could set a precarious precedent for the real estate industry, the New York Post reported.
“It’s appalling. It’s unfair. I would even say it’s un-American,” he said.
O’Leary has openly expressed his skepticism about the outcome of the fraud case, previously telling CNN that he doubted the ruling would hold up on appeal.
According to the entrepreneur and trader, the implications of the sentence are not only harmful to Trump but also to the entire New York business community.
Read also: Invented charges? A poll reveals what most Americans think about the cases against the embattled former president
Speaking to the Post, he questioned the basis of the ruling, especially considering the common practice among developers of seeking the highest possible valuation for their properties.
“For the fact that he was found guilty, you might as well find every real estate developer on Earth guilty,” he said.
O’Leary predicted that the decision will likely be overturned on appeal, underscoring the negative consequences it could have on American trade practices.
He also criticized the broader implications of the ruling, suggesting it could lead to an exodus of businesses from New York, which he called “a losing state” in light of the decision.
The ruling also affected Trump’s two eldest sons, imposing a two-year ban on their New York business activities and a $4 million fine each.
Trump denounced the ruling as an “election interference witch hunt,” framing it as a politically motivated attack against him during the election cycle.
Now read: Shark Tank’s Kevin O’Leary Reveals: “It’s Almost Impossible to Make Your First Million Dollars.” You work like crazy. It’s so difficult.’
This content was partially produced with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock