U.S. President Donald Trump leaves for Florida at the South Lawn of the White House in Washington, D.C., the United States, on Jan. 23, 2020. [Photo/Xinhua]

A New York judge on Tuesday ruled former U.S. President Donald Trump and his sons liable for fraud, saying they provided false financial statements for nearly a decade.

Judge Arthur Engoron found that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.

He ordered that some of Trump's business licenses be rescinded as punishment.

In the lawsuit, New York's Attorney General Letitia James alleged that Trump, three of his children and his companies submitted "grossly inflated" numbers to banks and insurers. She is seeking 250 million U.S. Dollars in penalties and a ban on Trump doing business in New York state.

Engoron is expected to hold a non-jury trial starting Oct. 2 before deciding on the claims and any punishments he may impose.

Trump has long insisted he did nothing wrong, and his lawyers had asked the New York judge to throw out the case ahead of the trial.

The ruling by the judge is a setback for Trump who is a frontrunner for the 2024 Republican presidential nomination.

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