The Manhattan District Attorney’s office is expected to file tax-related criminal charges Thursday against the Trump Organization and its chief financial officer, Allen Weisselberg, according to the Wall Street Journal.

But Donald Trump appears to have dodged a bullet for now, with longtime Trump Organization employee Weisselberg reportedly declining to cooperate with prosecutors to date. When Trump attorneys met with the Manhattan D.A.’s office last week to discuss the charges, prosecutors indicated Trump wasn’t at risk in this first round of indictments.

“They just said, ‘When this indictment comes down, he won’t be charged. Our investigation is ongoing,’” Trump attorney Ronald Fischetti told Politico.

The charges that will be filed are expected to pertain to tax evasion on fringe benefits the Trump Organization provided to employees, such as cars, apartments, and private-school tuition.  

Fischetti, a press-savvy New York attorney, has downplayed the charges to media outlets.

“We asked, ‘Is there anything else?’” Fischetti told Politico. “They said, ‘No.’ It’s crazy that that’s all they had.”

But what Fischetti has not done is dispute the charges, which is notable, according to former U.S. Attorney Barbara McQuade. Manhattan prosecutors have only had full access to the taxes of Trump and his family business for about four months now, and they have indicated the probe is ongoing. More serious charges could be filed if prosecutors are able to show a systematic pattern by which Trump Organization employees evaded paying their taxes.

”An initial indictment against the Trump Organization may be only the opening salvo in a barrage of charges, naming executives, Trump family members, or even Trump himself,” McQuade writes, adding that sometimes seeing one’s own name in an indictment can change their calculus.

For now, the most serious impact for Trump and his family could be the “collateral” financial consequences of an indictment, according to NBC News correspondent Tom Winter. Because the privately held company will soon be under criminal indictment, banks that have outstanding loans with the business could immediately call those loans and demand repayment in full.

“It may impact their financing,” Winter explained, “It may impact their day-to-day business.” That could be a real problem for Trump, the self-described “king of debt.”

In short, Thursday’s charges could immediately impact both Trump’s wealth and that of his children.