A former Watergate prosecutor has explained the possible legal consequences of the Manhattan district attorneys reported investigation into allegations that the Trump Organization falsified business records.

Lawyer Nick Akerman warned on Wednesdays broadcast of MSNBC s All In how, unlike the federal probes , it could end up with President Donald Trump being indicted while still in office.

The big difference here is that Cy Vance is the local prosecutor, said Akerman, who was a Watergate assistant special prosecutor under Leon Jaworski and Archibald Cox.

Vance is the state prosecutor in New York County. So he is not concerned with federal crimes. Hes concerned with state crimes, Akerman explained. But I think we have a continuous theme here that pervades all of this. And its simply that all roads lead to Donald Trumps tax returns. To make this a serious crime and a serious felony, falsifying business records is usually associated with falsifying numbers so that they falsify in turn the tax returns.

NBC reported Wednesday that Michael Cohen, Trumps former personal attorney serving prison time for crimes including campaign finance violations, had agreed to cooperate with New York City prosecutors on the investigation.

Akerman explained how in this particular case, it could very well be that they are looking at the false state tax returns that have been filed by the Trump Organization, filed by Donald Trump, and there could be all kinds of people who could have criminal liability here.

If its just Donald Trump, obviously, the problem there is indicting a sitting president, although the Manhattan DAs office is not under the same stricture as the Department of Justice. They could indict a sitting president, Akerman added.

Check out the full interview above.