Real Estate Investor Says ‘Nobody Wants To Do Business’ In NYC After Trump Verdict

Published by FOX Business | May 31, 2024

Prominent business executives have warned that more New York enterprises and their leaders may fall victim to "no rule of law" in the wake of Donald Trump’s guilty verdict.

Former President Trump was found guilty on all counts in his historic and unprecedented criminal trial, making him the first former president of the United States to be convicted of a crime.

Manhattan District Attorney Alvin Bragg charged Trump with 34 counts of falsifying business records in the first degree, though Trump pleaded not guilty to all counts.

Trump faces a maximum sentence of 136 years total, as each count carries a maximum prison sentence of four years. Additionally, trial attorney Mercedes Colwin reported that the NY v. Trump case carried an estimated taxpayer cost of $2 million over six weeks, with $50,000 per day being spent on safety precautions.

“If they can do this to a business person like Donald Trump, they could do it to anybody in New York and a lot of businesses. A lot of people are concerned that there is no rule of law,” billionaire CEO John Catsimatidis said Friday on “Mornings with Maria.”

“If they can do this to Donald Trump, a former president, regardless of how you feel about the politics, if they can do this to a former president, what can they do to Grant Cardone? What can they do to any other businessman?,” the Cardone Capital founder also chimed in Friday on “Varney & Co.”

Cardone recently pulled his business out of the Empire State and cautioned that Trump’s legal troubles — including a previous $355 million fine in a New York civil fraud case in February — would “wreak financial havoc” on the city.

“I have 15,000 investors with me at Cardone Capital. We’ve raised $1.3 billion. If I went to them today and said, ‘I want to invest in New York City,’ they would not give me money to do that,” the investor argued.

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