NYT:

State prosecutors in Manhattan subpoenaed President Trump’s family business on Thursday, reviving an investigation into the company’s role in hush-money payments made during the 2016 presidential campaign, according to people briefed on the matter.

The subpoena, issued by the Manhattan district attorney’s office, demanded the Trump Organization provide documents related to money that had been used to buy the silence of Stormy Daniels, a pornographic film actress who said she had an affair with Mr. Trump.

The inquiry from the district attorney’s office, which is in early stages, is examining whether any senior executives at the company filed false business records about the hush money, which would be a state crime, the people said….

Even if the new investigation ultimately leads to charges, state law would limit the severity of the punishment. A charge of filing false business records could amount to a misdemeanor. It becomes a felony only if prosecutors can prove that the filing was done to commit or conceal another crime.

It is unclear whether, under the law, the state prosecutors can cite the federal campaign finance violations as the other crime.