New York state prosecutors indict Manafort on new charges just minutes after he was sentenced to 7 1/2 years in prison in the Mueller probe

AP Photo/Andrew Harnik

Paul Manafort, President Donald Trump's former campaign chairman, departs Federal District Court, Thursday, Nov. 2, 2017, in Washington.

• New York state prosecutors charged Paul Manafort, the former chairman of President Donald Trump's campaign, with 16 state felonies on Wednesday.
• They allege that Manafort and others engaged in a year-long fraud scheme to falsify business records and illegally obtain millions of dollars.
• The charges stem from a state investigation into loans that Manafort received from two banks.

New York state prosecutors charged Paul Manafort, the former chairman of President Donald Trump's campaign, with 16 state felonies related to an alleged fraud scheme, Manhattan district attorney Cyrus Vance, Jr. said Wednesday.

The announcement came just minutes after Manafort was sentenced to a total of seven-and-a-half years in the special counsel Robert Mueller's Russia investigation.

The 16-count indictment in New York stems from an investigation that state prosecutors began in 2017, when they started examining loans that Manafort received from two banks.

Prosecutors allege Manafort engaged in the year-long fraud scheme in which he and others falsified business records to illegally obtain millions of dollars. As a result, he has been charged with mortgage fraud, conspiracy, falsifying business records, and scheme to defraud as a result of that investigation.

"No one is beyond the law in New York," Vance said in a statement. He added that the investigation had "yielded serious criminal charges for which the defendant has not been held accountable."

A grand jury first started hearing evidence in the case last week and ultimately voted to charge Manafort.