It claims that they exaggerated the value of their real estate holdings "by billions" in order to qualify for larger loans and pay less in taxes.
The Trump Organization, according to the prosecution, engaged in a wide variety of fraudulent activities between 2011 and 21.
Mr. Trump has called the legal action "another witch hunt."
In addition to Allen Weisselberg and Jeffrey McConney, the former president's eldest children Donald Trump Jr., Ivanka Trump, and Eric Trump were also named as defendants.
Letitia James, the top lawyer in New York, has filed the case following a three-year civil investigation.
Donald Trump, with the help of his children and key officials at the Trump Organization, "falsely inflated his net worth by billions of dollars to unfairly enrich himself and deceive the system,"
She said that Mr. Trump's $327m (£288m) Trump Tower apartment was one of the assets whose prices were inflated.
Moreover, "no flat in New York City has ever sold for close to that price," Ms. James stated.