Trump and his children 'personally implicated' in fraud probe by NY attorney general: source
(L-R) Eric Trump, Donald Trump Jr., and Ivanka Trump and Donald Trump attend the ground breaking of the Trump International Hotel at the Old Post Office Building in Washington July 23, 2014. REUTERS/Gary Cameron

New York's attorney general Letitia James revealed her officer had "significant evidence" of fraud against Donald Trump and his children, and a source said the investigation had personally implicated the former president and his family.

James filed a motion to compel testimony and obtain documents from Trump and his two eldest children in the fraud case, which the attorney general said had misled the IRS and financial institutions about real estate values -- and a source familiar with the investigation said the evidence was strong, reported Rolling Stone.

“The key thing here is this new information demonstrates that Trump and his family are personally implicated in this fraud,” the source said.

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The evidence could also help other prosecutors, including the Manhattan district attorney, investigate Trump's business dealings, although James' press release noted that her office had not yet decided whether the evidence they already had merited legal action.

However, the source familiar with the investigation said the likelihood that James would take action against Trump was "pretty high."