'This Is A Huge Mistake': Shark Tank's Kevin O'Leary Blasts New York Court's Ruling On Trump's Civil Fraud Verdict

“Shark Tank” investor Kevin O’Leary blasted the recent verdict on former president Donald Trump‘s New York civil fraud case, calling it an “assault” on the real estate market.

What Happened: O’Leary expressed his disappointment with the Manhattan Supreme Court’s ruling, where Justice Arthur Engoron imposed a $355 million financial penalty on Trump along with a three-year temporary ban on business activities within New York, Fox News reported on Sunday.

“This case isn’t really just about Donald Trump. It’s an assault on the 11th Sector [of] the S&P500, which is the real estate,” O’Leary said.

The investor explained that real estate is one of the biggest generators of cash and job opportunities and is included among the 11 pivotal sectors of the economy. But the recent verdict on Trump blows developers and entrepreneurs who want to do business in New York but are discouraged because investing in New York’s real estate in the state would be a big risk.

O’Leary also called New York the “number one loser state,” comparing it with California, Massachusetts, and Delaware.

“[I] don’t understand why this complaint was brought forward in the first place. My opinion is that this will be eventually overturned because it is so damaging to businesses in New York,” he said, adding that the fine and ban were “arbitrary.”

“What does this say to everybody who wants to do business in New York and wants to risk capital? This is a huge mistake,” O’Leary added.

See Also: Donald Trump Sold $2.4 Million In ETH Last Month, Missed Out On $500,000 In Potential Profit

Why It Matters: The ruling significantly blows Trump’s business empire. It challenges the very identity that Trump has built for himself over the years as a successful business mogul, reality TV star, and, ultimately, the President of the United States.

Trump Organization is also prohibited from securing loans from financial institutions registered with the city for three years. Trump himself has been banned from holding any directorships for the same period.

In a previous interview with The Post, O’Leary condemned the judgment as “unjust,” “appalling,” and “un-American.”

Read Next: Judge Calls Out Ivanka Trump In New York Civil Fraud Case, Says Her Memory Recall Was ‘Suspect’

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo by Kathy Hutchins on Shutterstock