If Donald Trump is forced to pay hundreds of millions of dollars in the civil fraud trial brought by New York Attorney General Leticia James it would be open season on all real estate developers because they all do what Trump is being prosecuted for, according to Shark Tank star Kevin O'Leary.
The fraud Trump is alleged to have perpetrated is inflating the value of his real estate assets to lenders and insurers.
"Every single real estate developer everywhere on earth does this. They always talk about their asset being worth a lot and the bank says 'no' and that's just the way it is," O'Leary said. "If you're going to sue this case and win, you got to sue every real estate developer everywhere."
O'Leary said the civil fraud case brought by James is "ridiculous," arguing it goes after standard real estate development practices and could set a dangerous precedent for the entire industry.
The lawsuit accuses Trump and The Trump Organization of inflating the values of several assets, including Trump Tower and golf courses, in order to obtain favorable loan terms and insurance rates through decade-long activities. James is seeking $370 million in disgorgement, plus annual interest, which would require Trump to return any profits gained through the alleged fraud, and a lifetime ban from the New York real estate industry for Trump and his sons, Donald Jr. and Eric.
"I did nothing wrong, my financial statements are great, & very conservative, the exact opposite of what the highly political & totally corrupt New York State attorney general says," Trump said in a Truth Social post. "Now the corrupt A.G. wants $370,000,000 as businesses flee New York. They should pay me."
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