The Trump Organization’s reimbursements to Mr. Cohen for payments were fraudulently disguised as legal fees — and, according to the memo, were approved by senior executives at the organization. The New York prosecutors also disclosed that they are investigating additional unspecified matters involving Mr. Cohen and, presumably, the Trump Organization. In light of these disclosures, the likelihood that the company and the Trump campaign face charges is now high.

Although President Trump may avoid a similar fate because the Justice Department is unlikely to indict a sitting president, he could be named as an unindicted co-conspirator, as was President Richard Nixon, or charged if he leaves office before the statute of limitations runs out (most likely in 2022).