Donald Trump is facing a potentially crippling financial and political blow as state prosecutors consider filing criminal charges against his family business this week.

Prosecutors in New York could soon bring an indictment against the Trump Organization related to the taxation of lucrative perks that it gave to top executives, such as use of apartments, cars and school tuition.

The 45th president is not expected to be personally charged but the legal drama could bankrupt his company by damaging its relationships with banks and other business partners, as well as clouding his political comeback.

Ron Fischetti, a lawyer for the Trump Organization, held a virtual meeting with prosecutors last Thursday for about 90 minutes in an effort to dissuade them from pursuing criminal charges against the company.

“The charges are absolutely outrageous and unprecedented, if indeed the charges are filed,” Fischetti told the Associated Press (AP) on Friday. “This is just to get back at Donald Trump. We’re going to plead not guilty and we’ll make a motion to dismiss.”

Fischetti and his colleagues had until Monday to make their final arguments against charges being brought, according to a report in the Washington Post.

The long-running investigation by Cyrus Vance, the Manhattan district attorney, began after Trump’s former lawyer and fixer, Michael Cohen, paid hush money ahead of the 2016 presidential election to two women who alleged that they had sexual encounters with Trump; Trump denies the claims.