A judge on Tuesday ruled that former President Donald Trump and his company are liable for fraud in a lawsuit by the New York Attorney General’s Office.

Judge Arthur Engoron as part of that ruling cancelled the business certificates of Trump and the other defendants in the suit in Manhattan Supreme Court.

Engoron in his ruling found that Trump had made false and misleading valuations for multiple real estate assets in statements to insurers and banks over the course of years.

Because of those misstatements, Trump had inflated his true net worth by billions of dollars.

The judge ordered that within 10 days, the defendants must recommend no more than three potential independent receivers to manage the dissolution of the corporations which the judge has canceled business certificates for.

The judge also ordered sanctions of $7,500 apiece for attorneys who represented the Trump defendants for making frivolous arguments in court filings.

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