Businessman and star of ‘Shark Tank,’ Kevin O’Leary, appeared on CNN to defend President Trump over the $370m lawsuit against him. New York Attorney General Letitia James is arguing that Trump, his sons, and other associates over-inflated the value of their assets to defraud banks. She initially wanted Trump’s company to hand over $250 million if he is found guilty. Other New York state lawyers chimed in and upped the dollar amount to $370 million. It is not precisely clear why the dollar amount was raised, but what is clear is that the money would go to the Treasury of New York.
Kevin O’Leary told a CNN host that this lawsuit is “ridiculous” because the allegation against Trump is the usual way that real estate deals work. Trump, or any other developer, argues that they have other assets worth X. The banks may agree or say that the assets are worth Y. The two sides negotiate and agree on how much money will be lent. In the case of Trump, the banks were paid back, and a building was built. O’Leary says that he’s struggling to see where any impropriety happened.
In this case, the judge will render a verdict without a jury toward the end of January. If Trump is found guilty, he will not only have to pay the outrageous dollar amount but also be barred from practicing real estate in New York.
SOURCES:
Trump’s $370M civil fraud trial is nearing an end. Here’s what to know – ABC News
‘Every real estate developer everywhere does this’: Kevin O’Leary reacts to Trump civil fraud case – YouTube
