The ruling came after the judge found that Trump had inflated his net worth by billions over the course of a decade, deceiving banks and insurers. Manhattan Supreme Court Justice Arthur Engoron also barred Trump from serving as an officer or director of any company in New York for three years.

Additionally, Trump's two eldest sons, Eric and Donald Jr., were each given a two-year business ban in New York and were ordered to pay $4 million each. The Trump Organization and several executives were collectively ordered to pay a total of $364 million, including interest, amounting to $450 million.

The case, prosecuted by New York Attorney General Letitia James' office, accused Trump of propping up his business by inflating the value of properties such as Trump Tower and Mar-a-Lago Club. The filings claimed an exaggerated size for Trump's penthouse and undervalued Mar-a-Lago to secure favorable interest rates and tax breaks. Testimony during the trial revealed that Trump's former "fixer" Michael Cohen testified that the ex-president had pressured him to manipulate asset values to increase his net worth.

The ruling concludes a three-month civil trial that has tarnished Trump's image as a successful real estate mogul and deals another financial blow to his presidential ambitions for 2024. Earlier this month, Trump was hit with an $83.3 million jury verdict in a defamation case in Manhattan federal court.

Trump's lawyer, Alina Habba, criticized the ruling as a "manifest injustice" and expressed confidence that it would be overturned on appeal. She labeled it as "relentless persecution" against her clients, suggesting that it sent a message that New York was no longer welcoming to business.

Justice Engoron criticized Trump and the defendants for their lack of remorse and refusal to admit their errors. He quoted the English poet Alexander Pope, stating that they were "of a different mind." Engoron called their actions a "venial sin" but emphasized that the defendants had inflated asset values repeatedly to make more money.

New York Attorney General Letitia James welcomed the ruling, stating that Trump was finally facing accountability for his fraudulent practices. She emphasized that no one is above the law, regardless of their wealth or power.

The trial, spanning over 11 weeks, featured testimonies from the former president and his adult children. Trump's defense argued that real estate valuation is subjective and claimed any inaccuracies in financial filings were the fault of accountants and lawyers. Despite launching attacks against the judge and attorney general during the trial, Trump was deemed "not credible" by Justice Engoron.

As the ruling takes effect, Donald Trump will have to pay the significant financial penalty and temporarily halt his business activities in New York. Given his history of legal challenges, it remains to be seen how this latest setback will impact his future endeavors.