US President Donald Trump's former campaign chairman Paul Manafort has been sentenced to 47 months in jail and ordered to pay more than $US24 million ($34.2 million) in restitution for fraud and failing to disclose foreign bank accounts.

Key points: Manafort hid millions of dollars earned in Ukraine from the IRS and inflated his income on bank loan applications

Manafort hid millions of dollars earned in Ukraine from the IRS and inflated his income on bank loan applications The jail sentence was even lighter than that sought by defence lawyers

The jail sentence was even lighter than that sought by defence lawyers Donald Trump has not ruled out granting a presidential pardon to Manafort

The 69-year-old was found guilty by a jury last August of five counts of tax fraud, two counts of bank fraud and one count of failing to disclose foreign bank accounts.

On top of the jail sentence and restitution, he was also fined $US50,000 by Judge T.S. Ellis.

Manafort hid millions of dollars he had earned in Ukraine as a consultant for its former pro-Russia government.

He later inflated his income on bank loan applications and lied to borrow money in order to maintain an opulent lifestyle that included luxurious homes, designer suits and even a $US15,000 ostrich-skin jacket.

Prosecutors said Manafort's crimes involved hiding more than $US55 million in overseas bank accounts to evade paying more than $US6 million in federal income taxes.

While they had not recommended a specific sentence for him, they cited federal guidelines that called for up to 24 years in prison.

Judge Ellis, however, said the sentencing guidelines were excessive and would create "an unwarranted disparity" with other cases.

But the sentence was even less than that defence lawyers had sought, which was anywhere from four to five years.

Judge Ellis also said Manafort was "not before the court for any allegations that he, or anyone at his direction, colluded with the Russian Government to influence the 2016 election".

Manafort faces sentencing in a separate case next Wednesday in Washington on two conspiracy charges related to illegal lobbying, to which he pleaded guilty last September.

While he faces a statutory maximum of 10 years, the judge in that case could potentially stack it on top of the sentence imposed on Thursday (local time) rather than allowing the sentences to run concurrently.

He initially avoided a second trial after reaching a plea agreement with the Mueller investigation, but that fell apart when prosecutors persuaded a judge that Manafort had been lying rather than co-operating.

Manafort is the only one of the 34 people and three companies charged by Mueller to have gone to trial.

Manafort at one point asked Judge Ellis for mercy and thanked him for conducting a fair trial. ( AP: Dana Verkouteren )

Manafort's life 'in shambles'

Manafort at one point asked Judge Ellis for mercy and thanked him for conducting a fair trial.

He also talked about how the case has been difficult for himself and his family.

"To say I have been humiliated and ashamed would be a gross understatement," Manafort, who opted not to testify during his trial, told the court.

He described his life as "professionally and financially in shambles".

The sentencing has capped a stunning downfall for Manafort, who was a prominent figure in Republican Party circles for decades and also worked internationally as a political consultant.

Mr Trump has not ruled out granting a presidential pardon to Manafort, saying in November: "I wouldn't take it off the table".

Outside court, Manafort's lawyer said his client had accepted responsibility for his conduct "and there was absolutely no evidence that Manafort was involved in any collusion with the government of Russia".

Prosecutors did not comment.

ABC/Wires