"Shark Tank" host Kevin O'Leary got into a spirited debate with CNN anchor Laura Coates Monday night over the landmark civil fraud ruling against former President Trump in New York.
New York Judge Arthur Engoron ruled that Trump must pay $355 million in punitive damages in a civil fraud case stemming from a lawsuit alleging the former president inflated his assets and committed fraud.
Engoron ruled that Trump and his co-defendants were liable for "persistent and repeated fraud," "falsifying business records," "issuing false financial statements," "conspiracy to falsify false financial statements," "insurance fraud," and "conspiracy to commit insurance fraud."
When pressed on whether investors and developers would actually reconsider doing business in New York after the multi-million dollar damages against Trump, O'Leary disputed Coates' framing of the issue.
"[W]ouldn’t there be many companies who would not want to do business or loan money to people like yourself or investors if they know that they can get away with fraud and there’s no recourse to protect them?" Coates asked O'Leary.
"Excuse me. What fraud?" O'Leary asked. "This is not about Trump anymore."
"When you get a developer that builds a building and he says it’s worth $400 million, and he wants to borrow $200 million from a bank, which happens every day everywhere on Earth, including every American city, every developer is an entrepreneur," he told Coates. "They shine the light on their building and they say it’s worth 400. The bank does its own due diligence, as was done in this case, because they’re very good at it, the banks are very good, and they say, no, it’s worth 300. We’re only going to loan you $150 million."
"That haggling has gone on for decades," O'Leary continued. "That’s how it works."
"You really think people want to invest money in New York after this?" he asked. "How about we go somewhere else?"
TRUMP BARRED FROM OPERATING BUSINESS, ORDERED TO PAY OVER $350 MILLION IN NY CIVIL FRAUD CASE
"Well, I think there are people who would," Coates said, disagreeing with O'Leary. "I don't want to cut you off, but I want to converse with you," she started, before getting into a back-and-forth with the investor and TV star.
"I respect you because you’re a lawyer," O'Leary told Coates. "You’re a lawyer. You understand exactly what I’m talking about."
"I got to tell you, I’m respectable for a number of reasons, Kevin O’Leary," Coates said back. "But being a lawyer is one of those issues."
Fox News' Charles Creitz, Brooke Singman, Anders Hagstrom and Maria Paronich contributed to this report.
