Donald Trump's civil fraud trial in New York has reached a verdict. The former president has been found guilty of exaggerating his net worth on documents submitted to banks and other financial institutions to secure lucrative deals and loans.

Punishments Sought by NY DA James

According to a recent AP report, Letitia James, the AG of New York, was looking to ban Mr. Trump from business transactions in the state and seek nearly $400 million in damages.

The Verdict

After almost three months of witness testimonials from roughly 40 people, including the former president, Judge Arthur Engoron has handed down the verdict.

The former president of the United States has been ordered to pay $355 million and is, in fact, banned from conducting business in New York for three years or from holding any lead role in a New York-based company, including the family business.

In this case, Engoron is essentially judge and jury, as juries are not particularly common during such trials, and neither side requested one.

The Long-term Impact on Mr. Trump's Finances

Most of the former president's wealth is reportedly tied up in real estate; therefore, his being bankrupted by the verdict is unlikely. 

A report by Yahoo! News says President Trump has 30 days to pay the fine or secure a bond and that he is likely to appeal.

Don Jr. and Eric Trump, Mr. Trump's sons and business associates, are also banned in the same manner as their father and were each ordered to pay $4 million in restitution.

What to Take from the Ordeal

A lawyer from the AG's office said this in closing, referring to Mr. Trump's behavior: "It prices out honest borrowers and can lead to more catastrophic results. ... That's why it's important for the court to take the steps to protect the marketplace to prevent this from happening again." 

Trump was not facing a prison sentence of any kind as this was a civil case.

The impact of this verdict on Trump's reelection ambitions is still unclear.