After former President Trump failed to get a $464 million appeal bond Regarding the New York civil fraud ruling, critics have pointed out the unprecedented nature of the ruling and warned about what it could mean for the future of the United States. O'Leary Ventures president and “Shark Tank” star Kevin O'Leary criticized the sanction Tuesday on “Outnumbered,” characterizing the developments as “an attack on America.”
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KEVIN O'LEARY: I no longer believe this is a case about Trump. I think people should think about the policy that is being implemented here, about the competitiveness of New York state against other US states, but more importantly, about the message about the American brand. You think of the United States. The reason this is the number one economy on Earth is because we have laws, we have due process, and we have property rights. It attracts foreign capital from all over the world. All of that is being shaken to the core here. The concept of seizing assets in 30 days on a bond number that has never been issued; no insurance bond company has ever issued anything like it. So there was no chance of this happening and only giving 30 days notice is a really bad message.
O'Leary Ventures President Kevin O'Leary warns of a “big problem” in the US economy. (Ting Shen/Bloomberg via Getty Images)
And I think New Yorkers should think well beyond Trump, whether he's president or not, or whether this attorney general is gone in four years or not, is irrelevant. This constitutes a case contrary to the American brand. The most stable country in the world, anywhere, for putting capital to work over a long period of time, particularly in real estate, is the United States of America. This is an attack on what we believe is fundamental and I find it extraordinary. I think it is very worrying. It has absolutely nothing to do with donald trump At this point, in my opinion. And he is completely bipartisan.
This is an attack on the United States and I don't know how you can see it any other way. And as an investor, I know a lot of investors who are completely distraught by this… but no one is going to put money to work in New York in these amounts until this calms down. The whole world is watching and waiting for something we don't have yet: adult supervision. Where is? Where are the adults in this crazy narrative? There certainly has to be adult supervision at some point. And I understand, you know, the war that's going on here and all the political yada-yada, woof-woof-woof. But we need an adult in the room now. This is the United States of America under siege.
Trump's lawyers revealed that he has been unable to obtain a $464 million appeal bond needs after a conviction for civil fraud in New York against him.
Trump's lawyers wrote in a court filing Monday that getting the nearly half-billion appeal was a “practical impossibility given the circumstances presented.”
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David Gelman, a criminal defense attorney and former deputy district attorney, called the sentence a “unicorn.” He argued that the judge should give Trump much more freedom to meet bail because “not even the richest man in the world has $464 million lying around.”
NEW YORK, NEW YORK – AUGUST 6: AUGUST 6: New York State Attorney General Letitia James speaks during a press conference announcing a lawsuit to dissolve the NRA on August 6, 2020 at the New York City. (Michael M. Santiago/Getty Images)
A New York Court of Appeals judge denied Trump's request late last month to delay payment of $464 million owed as a result of the lawsuit filed by New York State Attorney General Letitia James. but said he would temporarily allow the 2024 favorite and his children to continue running their business during the appeal process.
A New York Court of Appeals judge previously ruled that the former president must post bail in the full amount of the sentence and that an independent compliance director will be appointed.
That ruling comes after New York Judge Arthur Engoron handed down his decision in early February following a months-long trial that began in October in which the former president was accused of inflating his assets and committing fraud on financial documents.
Fox News' Bradford Betz contributed to this report.
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