Former U.S. attorney Chuck Rosenberg told MSNBC on Tuesday that the Southern District of New York’s investigation into President Donald Trump’s Inaugural Committee spending could pose even more of a problem for the president than special counsel Robert Mueller’s Russia probe.

Rosenberg’s observation came during a larger discussion of missing funds which fellow guest, former federal prosecutor Paul Butler surmised was either “a slush fund” or perhaps “a pay for play scheme.” Butler noted that Trump’s deputy campaign manager and inauguration fundraiser Rick Gates had admitted in court that he “might have” stolen money from the committee, and said that neither Mueller nor SDNY investigators were “going to let that go.”

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“I’ve always thought that what the Southern District of New York was doing was if not more interesting, at least more threatening to the president,” Rosenberg said. “That’s where the money is.”

“What Mueller’s doing is incredibly important, don’t get me wrong,” he continued. “But the money is in New York. Whether it’s the Trump Foundation, the Trump Organization, the Inaugural Committee, the campaign, or personal finances and taxes, that’s what the Southern District of New York is looking at.”

Watch the video below.