In a significant blow to former US President Donald Trump and his real estate empire, a New York judge has issued a ruling barring him from running any business in the state for three years, alongside imposing a hefty $355 million fine.

The verdict, delivered by Justice Arthur Engoron in Manhattan, marks a substantial defeat for Trump and his company in a civil fraud suit over inflated asset valuations.

The lawsuit, filed by New York State Attorney General Letitia James in 2022, alleged that Trump had deliberately inflated asset values on financial documents over more than a decade to secure better loan terms from various lenders, including Deutsche Bank AG.

The judge’s 92-page ruling highlights the seriousness of the allegations, emphasising Trump’s lack of contrition and the extent of the deception perpetrated.

Engoron’s decision also implicates Trump’s two eldest sons, Donald Trump Jr. and Eric Trump, who were found liable and barred from holding officer positions in a New York company for two years.

The ruling comes as a significant victory for Attorney General Letitia James, who tirelessly pursued the case over the course of a trial lasting more than three months.

The $364 million fine, though slightly lower than the $370 million initially sought by the attorney general, is nevertheless a substantial penalty.

It encompasses various aspects of Trump’s financial dealings, including the inflated asset valuations that enabled him to secure more favorable loan terms, as well as profits from specific real estate deals.

Notably, this ruling adds to a series of legal setbacks for Trump, including a recent defamation case where he was ordered to pay $83.3 million in damages.

These financial hits pose a considerable threat to Trump’s financial standing, potentially consuming a significant portion of his reported cash reserves.

While Trump is expected to appeal the decision, the implications of the ruling are far-reaching.

The judge’s order not only imposes a substantial financial penalty but also casts doubt on Trump’s future control of his real estate empire.

The possibility of transferring operations to Florida, where Trump currently resides, or the necessity of selling off business operations and properties are questions that remain unanswered.

Despite the setback, Trump’s legal team has vehemently denounced the ruling, labeling it a politically motivated witch hunt.

The legal battle, however, underscores the unprecedented nature of the lawsuit and its implications for Trump’s business interests and political aspirations.

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