Plenty of state laws for fraud and state DAs could prosecute, and I would not trust any DA appointed by Obama. State AGs or DAs could indict, but the case would be heard in federal court, not in state court, under 28 U.S.C. § 1442.
Taking a closer look, I read that it 'may be removed' to a federal court. It doesn't matter to me what court, state or federal. As it says per your link to the fed. law that the criminal court case could begin in state court. I don't have much doubt that Obama would like the venue moved in his favor in a case against him or one his lieutenants. A judge that Obama appointed to the federal bench.
"28 U.S.C. § 1442 : US Code - Section 1442: Federal officers or agencies sued or prosecuted
"(a) A civil action or criminal prosecution that is commenced in a State court and that is against or directed to any of the following may be removed by them to the district court of the United States for the district and division embracing the place wherein it is pending:..."