'What Fraud?': Shark Tank's Kevin O'Leary Says Trump Being Fined For A 'Victimless Crime'

“Shark Tank” investor Kevin O’Leary has vocally criticized the recent court ruling that ordered former President Donald Trump to pay $355 million in a civil fraud case. O’Leary argued that the allegations against Trump are commonplace in New York real estate deals.

What Happened: O’Leary, in an interview on CNN with host Laura Coates, denounced the New York judge’s decision as unjust. He contended that the actions Trump and the Trump Organization were accused of are routine in New York real estate transactions, calling it a “victimless crime” where “nobody lost any money.”

“What fraud? This is not about Trump anymore,” O’Leary remarked. “You get a developer that builds a building and he says it's worth $400 million, and he wants to borrow $200 million from a bank, which happens every day, everywhere on earth.”

He argued that it is the bank’s responsibility to scrutinize developers’ inflated financial claims, and Trump’s actions are standard in the industry. O’Leary also suggested that if Trump is penalized for this, all U.S. developers should face the same consequences.

“If we're going to do that, let's penalize all the developers all across America. They've all done the same thing,” O'Leary added.

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Trump was found to have misrepresented his net worth and the value of various properties to secure more favorable borrowing terms. This decision also bars Trump from the real estate business in New York for three years.

Why It Matters: O’Leary had previously criticized the ruling, vowing to avoid investing in New York due to the precedent it sets. His latest comments come after he first denounced the ruling, saying he would avoid investing in New York because of the precedent the verdict sets.

O’Leary had described the ruling as “unjust,” “appalling,” and “un-American.” O’Leary also expressed concern about the precedent this verdict could set for the real estate industry.

Trump, on the other hand, praised O’Leary for his decision to pull out of New York following the ruling. The former president, who maintains his innocence, lauded O’Leary after the investor expressed shock at the court’s decision.

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Image by Ontario Chamber of Commerce via Flickr