Trump $354 million fraud verdict includes New York business ban for 3 years. Here's what to know.

A judge's ruling on Friday in Donald Trump's civil fraud trial deals a severe blow to the former president, who is now barred from running the New York-based company that for decades has served as the hub of his global business empire. 

In a 92-page decision, New York Supreme Court Justice Arthur Engoron barred Trump from serving as an officer or director of any corporation or other legal entity in the state for three years, while his sons, Eric Trump and Donald Trump Jr., were banned for two years, according to the ruling. 

Trump and The Trump Organization were also ordered to pay penalties of $354 million in what is one of the stiffest corporate sanctions in New York history.