AceShowbiz - Donald Trump has been slapped with $354.9 million fine after a civil fraud trial in New York. The 77-year-old former US President has been handed a huge fine and banned from running businesses in New York for three years, after Trump was deemed to have inflated his wealth on statements given to financial institutions in order to make deals and secure loans.

"The common excuse that 'everybody does it' is all the more reason to strive for honesty and transparency and to be vigilant in enforcing the rules," judge Arthur Engoron said during the court hearing.

"Here, despite the false financial statements, it is undisputed that defendants have made all required payments on time; the next group of lenders to receive bogus statements might not be so lucky."

New York Attorney General Letitia James found that Trump inflated his personal wealth by as much as $3.6 billion.

Trump's children, Eric and Donald Jr., have both been fined $4 million, while Allen Weisselberg - the former chief operating officer of the Trump Organization - has been handed a $1 million fine.

However, Alina Habba, Trump's lawyer, has slammed the verdict, describing it as a "manifest injustice" and a "politically fuelled witch hunt." In a statement, Habba said, "It is the culmination of a multi-year, politically fuelled witch hunt that was designed to 'take down Donald Trump,' before Letitia James ever stepped foot into the Attorney General's office."

Trump's legal team intend to launch an appeal against the decision. Habba said, "Given the grave stakes, we trust that the Appellate Division will overturn this egregious verdict and end this relentless persecution against my clients."

"Let me make one thing perfectly clear: this is not just about Donald Trump - if this decision stands, it will serve as a signal to every single American that New York is no longer open for business."