The 57-year-old has since insisted that he is not a dishonest person, but was unsure whether he would appeal, describing the ordeal so far as a "nightmare".
"I don't know. Making an appeal just to make an appeal? Have I got to make an appeal to someone who has gone all the way to tell that I am a dishonest person?" Cellino told BBC Sport.
"Why should I go to buy Leeds? I did everything with a good purpose because I think everything would be all right like the movies with a beautiful ending. That was agreeing to buy Leeds, now it's becoming a nightmare."
Cellino also owns Italian side Cagliari Calcio.