Kevin O’Leary Refuses to Invest in New York Following Trump Verdict

Investor Voices Concern Over New York's Business Climate.

by Nouman Rasool
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Kevin O’Leary Refuses to Invest in New York Following Trump Verdict
© Kent Nishimura/Getty Images

Kevin O'Leary, a well-known investor and also a personality in the television show "Shark Tank," has spoken clearly in an interview with Fox Business that he vows not to make any further investments in the State of New York.

It is a known fact that he has made such a statement after the shocking verdict of $355 million against the former President of the state, Donald Trump, by a court of New York. Last week, Judge Arthur Engoron dealt a major ruling against Trump, his business empire, and key executives including his sons.

This decision, beyond demanding over 355-million dollars due to allegations of inflating net worth for the purpose of tax and insurance benefits, also came with a three-year ban on business dealings for Trump within the state of New York.

O’Leary Criticizes Verdict

O'Leary, responding to the ruling, says, "This award, I mean, just leave the whole Trump thing out of it and see what occurred here.and I'm no different than any other investor. I'm shocked by this. "I can't even rationalize or fathom the ruling at all.

There's no logic behind it." His comment personalizes a very serious and underlying worry about the legal environment and doing business in New York. The decision culminated a years-long civil fraud trial led by New York Attorney General Letitia James into over a decade's worth of alleged fraudulent activities by Trump and his associates.

Also the chairman of O’Leary Ventures, O’Leary was scathingly dismissive of New York's policies, high taxes, and regulatory environment, even calling it a “loser state”. He was resolute in his plans to stay away from making further investments in New York, sentiments he said were shared by many in the investment community.

In response to New York Governor Kathy Hochul's assurances to the local businessmen, O'Leary expressed disbelief and concern by asking on what the court "grounded its conclusion in" and "how the measure comported with legal standards in New York".

"Who loses the money? It's some judge's arbitrary decision," O'Leary said, emphasizing that this is the point to which the fear factor has risen among investors. Former President Trump, reacting to comments by O’Leary on his platform, Truth Social, lauded him for his frankness and said the business climate for New York was having a negative effect following the decision by the court.

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