A New York judge imposed $364 million in penalties in a civil fraud trial against former President Donald Trump accusing him of a scheme to dupe banks and others with financial statements that inflated his wealth.

Trump himself was fined nearly $355 million and was barred from serving as an officer or director at a company in the state for three years.

His adult sons, Eric Trump and Donald Trump Jr., both officers with the company, were fined more than $4 million each and received a similar punishment for two years. Trump Organization chief financial officer Allen Weisselberg was also fined $1 million. Weisselberg and former Trump Organization controller Jeffrey McConney were permanently barred from serving in the financial control function of any New York corporation.

A spokesperson for New York Attorney General Letitia James' office said that Trump and his co-defendants are actually likely to owe $463.9 million, which includes pre-judgment interest. Of that, Trump would owe a total of $453.5 million, the spokesperson said, and those figures will also rise every day until it is paid.

The ruling from Judge Arthur Engoron is the culmination of a yearslong effort from James, who sued Trump in 2022 over what she said was years of deceptive practices as he built the multinational collection of skyscrapers, golf courses and other properties that catapulted him to wealth, fame and the White House.

"Today, justice has been served," James said in a short statement to the press on Friday evening. "Today we proved that no one is above the law. No matter how rich, powerful or politically connected you are, everyone must play by the same rules."

"For years, Donald Trump engaged in deceptive business practices and tremendous fraud. Donald Trump falsely, knowingly inflated his net worth by billions of dollars to unjustly enrich himself, his family and to cheat the system," James said. "Donald Trump may have authored 'The Art of the Deal,' but he perfected 'the art of the steal.'" 

Engoron determined that Trump was involved in a lengthy scheme to dupe banks and others with financial statements that inflated his wealth.

"In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements," Engoron wrote in his ruling. "When confronted at trial with the statements, defendants’ fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences."

The suit accused Trump and his co-defendants of routinely puffing up his financial statements to create an illusion his properties were more valuable than they really were. State lawyers said Trump exaggerated his wealth by as much as $3.6 billion one year.

By making himself seem richer, Trump qualified for better loan terms, saved on interest and was able to complete projects he might otherwise not have finished, state lawyers said.

Even before the trial began, Engoron ruled that James had proven Trump’s financial statements were fraudulent. The judge ordered some of Trump’s companies removed from his control and dissolved. An appeals court put that decision on hold.

Engoron stopped short of dissolving the Trump Organization, the company founded by the former president's parents that he has led since the 1970s, but extended the appointment of a court-appointed independent monitor, retired U.S. District Judge Barbara Jones, and ordered the installation of an independent director of compliance. He also barred Trump from applying for loans with any institution registered with the New York State Department of Financial Services for three years.

"A crooked New York State judge just ruled that I have to pay a fine of $355 million for having built the perfect company," Trump said in remarks from his Mar-a-Lago estate in Florida, adding: "We'll be appealing."

The Republican presidential frontrunner called James "corrupt," made comparisons to China and Russia and baselessly accused President Joe Biden, who is not involved in the case, of pursuing a "witch hunt against his political opponent, the likes of which our country has never seen before. You see it in Third World countries, banana republics, but you don't see it here."

He called the case against him "election interference," before ranting about Biden and pledging: "We'll appeal, we'll be successful."

"If I weren’t running, none of this would have ever happened," Trump speculated. "I would have had a nice life."

Trump in a statement earlier Friday baselessly charged that "The Justice System in New York State, and America as a whole, is under assault by partisan, deluded, biased Judges and Prosecutors."

Trump attorney Alina Habba called the decision "a manifest injustice" and "the culmination of a multi-year, politically fueled witch hunt" against the former president.

"Given the grave stakes, we trust that the Appellate Division will overturn this egregious verdict and end this relentless persecution against my clients," she said.

A spokesperson for the Trump Organization called the ruling a "gross miscarriage of justice" and said that all members of the state's business community "should be gravely concerned with this gross overreach and brazen attempt by the Attorney General."

"If allowed to stand, this ruling will only further expedite the continuing exodus of companies from New York," the spokesperson said.

The civil fraud suit was one of many facing the former president as he seeks a third consecutive Republican nomination and a second term in the White House. A separate criminal trial in New York related to alleged hush money payments to an adult film star during the 2016 election will begin next month. Trump also faces two cases related to alleged efforts to overturn the 2020 presidential election, one in federal court in Washington and one in Fulton County, Georgia, and another federal suit accusing him of allegedly mishandling classified documents at his Mar-a-Lago estate in Florida and hampering the government's efforts to retrieve them.

Trump has pleaded not guilty to the 91 felony charges against him in the four separate criminal proceedings and has decried the cases as politically motivated.

The ruling comes after a court ordered Trump to pay columnist E. Jean Carroll $83.3 million for defaming her in 2019 when he denied that he sexually assaulted her in the 1990s and called her a liar.

Read the full ruling below:

The Associated Press contributed to this report.