A Los Angeles jury has determined damages of $370 million against Georges Marciano in a defamation lawsuit brought by five former employees.

Marciano is the co-founder of fashion company Guess Inc. In April he declared he was a candidate in the 2010 election for California governor.

The defamation case was a response to a suit by Marciano accusing the former personal employees of embezzling money and stealing valuable art objects. That suit was dismissed in December 2008.

The employees filed for defamation and intentional infliction of emotional distress against Marciano. The jury on Monday awarded about $69 million in compensatory damages and $5 million in punitive damages for each plaintiff.

“This is one of the largest defamation verdicts ever handed down in Los Angeles County,” said R. Rex Parris, lead attorney for the plaintiffs. “This verdict shows that being rich does not mean you have the power to ruin the lives of other people on a whim or suspicion.”

It’s likely that the damages will be reduced significantly, according to a source familiar with the case who spoke on condition of anonymity.

Marciano represented himself in the case. The judge restricted his participation.

The five ex-employees are Joseph Fahs, Miriam Choi, Camille Abat, Steven Chapnick and Elizabeth Tagle.