Prosecutors have told attorneys for former president Donald Trump’s business that both the company and its longtime chief financial officer are likely to be indicted on Thursday, according to two people familiar with the charges.

The criminal charges expected against the Trump Organization and CFO Allen Weisselberg would be the first to result from two-year investigations of Trump’s company by Manhattan District Attorney Cyrus R. Vance Jr. (D) and New York Attorney General Letitia James (D).

The charges set to be publicly unsealed Thursday will focus on unpaid taxes related to benefits given to Trump Organization executives, the people familiar with the case said. They spoke on the condition of anonymity to discuss private conversations. It was not clear what specific charges would be returned by a New York grand jury.

Trump himself is not expected to be charged this week, the people said, and no others in his orbit are expected to face imminent charges. But the indictments could mark a significant escalation in his legal problems — both by exposing his company to potential fines and by raising the pressure on Weisselberg. Prosecutors hope Weisselberg will offer testimony against Trump in exchange for lessening his own risk, according to another person familiar with the case.

Attorneys for Weisselberg and the Trump Organization declined to comment, as did prosecutors.

Weisselberg, who has worked for Trump since the 1980s, is considered the most important figure in the Trump Organization who is not related to Trump. He has been involved in even minor financial transactions, including coordinating Trump’s personal gifts to charity.

The Washington Post has previously reported that Weisselberg was a key figure in the investigations by Vance and James. Both are trying to determine whether Trump broke the law by misleading lenders or taxing authorities, or by evading taxes on forgiven debts or fringe benefits for employees, according by court papers and people familiar with the cases.

In recent months, both sets of investigators have spoken to Jennifer Weisselberg, the CFO’s former daughter-in-law, who said that Weisselberg’s son Barry had been given a free apartment and a hefty salary while he worked at the Trump Organization’s Central Park ice rink.

The twin investigations of Trump’s company appear to be the longest-lasting and widest-ranging probes ever undertaken into the Trump Organization.

Both investigations both appear to have been set in motion by an unlikely figure: Michael Cohen, who spent years as Trump’s attorney and aggressive defender. But Cohen turned on Trump in 2018 after pleading guilty to making hush-money payments during the 2016 presidential campaign to women who said they’d had affairs with Trump years before.

Vance’s office opened an investigation in 2018, responding to Cohen’s charges that Trump had directed the illegal payoffs. But Vance’s probe broadened beyond those allegations to encompass years of business transactions. Vance examined tax breaks Trump got on an estate in suburban New York, loans Trump took out on his Chicago tower, and statements Trump made to New York tax authorities about the value of his Manhattan towers, according to previous court filings.

The investigation became bogged down for much of Trump’s term, however, because of a long legal fight over his tax returns. Vance had sought them from Trump’s accountants in 2019, but Trump sued to stop him, saying that — as president — he was immune from investigation by any state-level prosecutor.

The case went to the Supreme Court twice; Trump lost both times. But Vance did not obtain Trump’s returns and other financial records — a cache including millions of pages of documents — until February 2021, after Trump had left office.

Now, the indictment sets up an unprecedented legal showdown between prosecutors in Manhattan and a powerful former president with an enduring grip on the Republican Party. Vance has said he will not seek reelection this year. That means the bulk of the case against Trump’s company could be handled by Vance’s successor.

Trump and his organization have never faced criminal charges, but he has been the target of civil lawsuits from the office of the New York attorney general. In one case, he was sued for allegedly defrauding students at Trump University. That case and others against Trump University ended with Trump paying a $25 million settlement in 2016. And, in 2018, Trump was sued for misusing money in a charity he controlled, a case that resulted in a judge ordering Trump to pay $2 million in damages.