The former US President

Donald Trump

was fined the eye-watering sum of money 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 secure loans.

In response to the verdict, Trump said: "A New York just ruled - and he's as crooked as you can get - and a lot of people expected something like this, but not for that amount. But this is a very dishonest man, this a man who has been overturned already on this case four times... But a crooked New York state judge just ruled that I have to pay a fine of $355 million for... having built a perfect company."

Trump, 77, also suggested that the ruling - which was delivered by Judge Arthur Engoron - won't hamper his aspirations of returning to the White House.

He said: "If I weren't running, none of this stuff would have ever happened. None of these lawsuits would have ever happened... nothing. I would have had a nice life. But I enjoy this life for a different reason - we're going to make America great again".

Alina Habba, Trump's lawyer, previously slammed the verdict,

describing it as a "manifest injustice"

and a "politically fueled witch hunt."

In a statement, Habba said: "It is the culmination of a multi-year, politically fueled 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 intends to

launch an appeal against the decision.

Habba said: "Given the serious 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".