Entrepreneur Kevin O’Leary criticized a New York judge’s ruling ordering Donald Trump to pay $350 million in damages for business fraud, saying it threatens the entire real estate industry.
O’Leary argued that inflating property values is a common practice and the ruling could set a precedent putting many developers at risk of similar penalties.
He called for the decision to be overturned, stating it was “unjust” and “un-American.”
Other Trump Organization executives were also banned from corporate roles for three years.
“That fact that he was found guilty, you might as well find guilty every real estate developer on Earth,” O’Leary said. “I don’t understand where someone got hurt … What developer doesn’t ask for the highest price valued for any building they built?”
The ruling is “not healthy for the country” he said, noting that he hopes it is overturned, “because it’s wrong for everybody that participates.”
While New York Attorney General Letitia James claimed Trump victimized lenders, O’Leary said the shockwaves could drive businesses out of New York.
“If this judgment sticks. Every developer must be jailed. They must be found guilty. They must be put out of business. You can’t do this to one another. It’s not about Trump,” he said. “It’s appalling. It’s unjust. I would go as far to say it’s un-American.”
“We’re just stunned. You have no idea,” he added. “The shock wave sent through the real estate industry. Insane.”
Trump faces multiple ongoing criminal cases as well relating to classified documents, election interference, and hush money payments.
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