Judge Engoron vacated his September order canceling the defendants’ business certificates, instead ordering an independent monitor to oversee the Trump Organization for at least three years.

He also ordered an Independent Director of Compliance be installed at the company.

Judge Engoron, in his decision, excoriated the Trumps and their co-defendants for their "complete lack of contrition and remorse" that he said "borders on pathological."

"They are accused only of inflating asset values to make more money. The documents prove this over and over again. This is a venial sin, not a mortal sin."

"Defendants did not commit murder or arson," the judge wrote. "They did not rob a bank at gunpoint. Donald Trump is not Bernard Madoff. Yet, defendants are incapable of admitting the error of their ways. Instead, they adopt a 'See no evil, hear no evil, speak no evil' posture that the evidence belies."

Former President Donald Trump must pay $354 million for fraudulent business practices, Judge Arthur Engoron has ruled.

Trump's sons Donald Trump Jr. and Eric Trump have been fined $4 million apiece, and former Trump Organization CFO Allen Weisselberg has been fined $1 million.

The decision bars Trump barred from serving as an officer of a New York company for three years, and bars his sons for two years apiece.

Regarding the dissolution of Trump's companies, the decision says, "This Court hereby modifies its September 26, 2023, Decision and Order solely to the extent of removing the language ordering the LLCs cancellation en masse. The restructuring and potential dissolution of any LLCs shall be subject to individual review by the Court appointed Independent Director of Compliance in consultation with Judge Jones."

In his decision, Engoron wrote that "Defendants' refusal to admit error -- indeed, to continue it, according to the Independent Monitor -- constrains this Court to conclude that they will engage in it going forward unless judicially restrained."

"Overall, Donald Trump rarely responded to the questions asked, and he frequently interjected long, irrelevant speeches on issues far beyond the scope of the trial," the judge wrote. "His refusal to answer the questions directly, or in some cases, at all, severely compromised his credibility."

"The accountants created these 'compilations' based on data submitted by the Trump entities," the decision said. "In order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements. When confronted at trial with the statements, defendants' fact and expert witnesses simply denied reality, and defendants failed to accept responsibility or to impose internal controls to prevent future recurrences."

Of Donald Trump Jr., Engoron wrote, "Despite disclaiming responsibility for or knowledge of the Statements of Financial Conditions' contents, Trump, Jr. still insisted that the Statements of Financial Condition were 'materially accurate.'"

Engoron's decision follows an 11-week civil trial in New York, where Trump and three of his adult children testified.

New York Attorney General Letitia James sued Trump, his two adult sons, and Trump Organization executives in September 2022 for issuing fraudulent financial statements -- including over 200 false and misleading asset values between 2011 and 2021 -- to get better loan terms and business deals.

Judge Arthur Engoron fired back at defense lawyers Thursday regarding former Trump Organization CFO Allen Weisselberg, who was allegedly engaged in plea talks with the Manhattan DA's office to resolve a potential perjury charge.

Engoron had asked the lawyers in the case for information on Weisselberg's potential guilty plea, based on reporting from The New York Times. One of the defense lawyers responded by characterizing the request as "unprecedented, inappropriate, and troubling."

"Arguing against judicial notice is attacking a straw person, as I have not taken, do not plan to take, and did not suggest or hint that I would take judicial notice of the subject New York Times article or the contents thereof," Engoron wrote in an email posted to the court's docket.

However, Engoron vowed that he would research and consider the issue if Weisselberg, a defendant in the fraud case, pleads guilty to perjury before Engoron issues his final ruling in the case.

"I am not reopening the case, but if someone pleads guilty to committing perjury in a case over which I am presiding, I want to know about it," Engoron said, adding that he reached out to Weisselberg's attorney for more information.

"You and your co-counsel have been questioning my impartiality since the early days of this case, presumably because I sometimes rule against your clients," Engoron wrote. "That whole approach is getting old."

Deutsche Bank relied on the strength of Donald Trump's "financial profile" when deciding to loan the former president roughly $125 million related to the purchase of the Trump National Doral golf club in 2011, according to retired Deutsche Bank executive Nicholas Haigh.

Haigh testified that because Trump used the golf course and spa as collateral -- relatively "unusual" assets that Deutsche Bank would struggle to sell in the event of a foreclosure -- the bank leaned on the strength of Trump's larger portfolio.

"[Trump] is guaranteeing he will repay our loan -- all the money due on the loan," Haigh said about the terms of the loan. "He is also guaranteeing if the result is losing money, he will pay the cost of that shortfall."

Haigh said that he personally reviewed Trump's statement of financial condition when determining whether to sign off on the loan.

"My conclusion was the client owned a lot of real estate, which was not surprising," Haigh said about his findings after reading Trump's financial statement.

Previous witnesses in the trial have offered insights into how Trump's annual financial statement was drafted, finalized, and provided to banks to fulfill loan obligations. Haigh is the first witness to testify from the perspective of the banks, which considered the statements when deciding whether to do business with Trump.