Top businesses appear to be rethinking their investment strategies after radical Judge Arthur Engoron hit President Donald Trump’s company with a $355 million fine for simply doing business in the state.
The fine was issued in the politically motivated case brought by career Democrat New York State Attorney General Letitia James.
James, who assumed office in January 2019, ran her election campaign on a promise to “get Trump” on unspecified charges.
In order to keep this promise, James launched a civil “fraud” case against Trump and his family business.
Trump was accused of “fraud” for taking out loans in New York State and paying them back to the banks on time and with interest.
Judge Engoron, who was overseeing the case, agreed that Trump committed “fraud” by allegedly overinflating the value of his properties.
Engoron determined this by arguing that Trump’s Mar-a-Lago is only worth $18 million, despite property experts placing the value of the Palm Beach resort in the 9 figures.
Engroon sided with James and ordered Trump to pay $355M in “damages,” despite there being no “victims” in this so-called crime, and all those involved in the deals were happy with the outcome.
As Volokh Conspiracy reported Engoron also put a Clinton-appointed judge in control of Trump’s business empire in New York State:
Judge Engoron also appointed retired U.S. District Judge Barbara Jones to continue in her role as an “independent monitor” of the Trump business empire but expanded her authority to review financial disclosures before they are submitted to third parties.
Judge Jones can hire an independent director of compliance, and she has the authority to compel Trump to sell some or even all of his businesses down the road.
This is all punishment for Trump allegedly committing fraud by falsely in inflating and deflating the value of his real estate assets to pay lower state taxes and to receive more favorable loans from banks.
The tyrannical antics of New York state officials have not gone unnoticed.
The ruling has provoked fears among the business world that companies may come under attack by the state’s radicalized justice system over their political persuasions.
On Monday, “Shark Tank” star and famed investor Kevin O’Leary declared that he is ceasing all future investment activities in New York.
He labeled NY a “loser state” due to its political climate and legal persecution of Trump.
O’Leary is now turning his attention to states like Oklahoma, North Dakota, West Virginia, Florida, and Texas for his future business ventures.
Also on Monday, private equity fund manager Grant Cardone, a hugely successful and prominent businessman with $4 billion in assets under management, announced he will “NOT waste time in New York.”
Cardone is the founder of 10X Studios, Cardone Ventures, and 10X Health System, and he’s the co-founder/investor in sixteen other businesses.
He is also the author of seven best-selling business books.
In a Monday post on X, Cardone said:
“Cardone Capital just started to research real estate investments in New York believing it was time to get into the market.
“After the overreach by the judge in the Trump case & penalties imposed of $355M I told them team do NOT waste time in New York.
“We will 2X our efforts in: Florida, Arizona, Texas, Tennessee.”
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