New York ( CNN ) New York State Assembly Speaker Sheldon Silver was arrested Thursday on charges that he used his position as one of the state 's most-powerful politicians to amass millions of dollars in bribes and kickbacks , federal prosecutors said . Silver 's remarkable fall from grace came one day after he shared the stage with Gov . Andrew Cuomo during the State of the State address in Albany . As Speaker of the Legislature 's Democrat-controlled lower house , Silver held significant power over the operation of New York government , particularly over the real estate industry and health care funding . Silver , 70 , was taken into custody at about 8 a.m. Thursday by FBI agents and charged with two counts of `` honest services fraud , one count of conspiracy to commit honest services fraud , one count of extortion under color of official right and one count of conspiracy to commit extortion under color of official right , '' said Preet Bharara , the U.S. Attorney for the Southern District of New York . The charges , if resulting in a conviction , carry a maximum penalty of 100 years in prison . Silver 's attorneys , Joel Cohen and Steven Molo , said in a statement : `` We 're disappointed that the prosecutors have chosen to proceed with these meritless criminal charges . That said , Mr. Silver looks forward to responding to them -- in court -- and ultimately his full exoneration . '' Silver , who was released on bail , spoke briefly to reporters as he left court . `` I am confident that when all the issues are aired , I will be vindicated , '' he said , according to CNN affiliate NY1 . In a criminal complaint , prosecutors said Silver abused his political influence and `` obtained about $ 4 million in payments characterized as attorney referral fees solely through the corrupt use of his official position . '' `` We hold our elected representatives to the highest standards and expect them to act in the best interest of their constituents , '' FBI Special Agent-in-Charge Richard Frankel said in a statement . `` In good faith , we trust they will do so while defending the fundamental tenets of the legal system . But as we are reminded today , those who make the laws do n't have the right to break the laws . '' Read the complaint . The lawmaker , who has been Assembly speaker for more than two decades , allegedly masked the payments from public scrutiny by disguising the graft as income from what he claimed was a personal injury law practice , according to the complaint . `` Over his decades in office , Speaker Silver has amassed titanic political power , '' Bharara told reporters . `` During that same time , Silver also amassed a tremendous personal fortune . '' The criminal complaint highlights the role of power and influence in what Bharara described as the `` show-me-the-money culture of Albany . '' `` These charges go to the very core of what ails Albany -- a lack of transparency , lack of accountability , and lack of principle joined with an overabundance of greed , cronyism , and self-dealing , '' Bharara said in a statement . The complaint outlined an elaborate , alleged corruption scheme driven by influence and greed , including the siphoning of state funds to a doctor referring cases to the law firm where Silver worked and securing tax breaks for real estate developers . The graft provided Silver about $ 700,000 in kickbacks from steering two real estate developers with business before the state to a law firm connected to the speaker , according to the complaint . In addition , Silver allegedly collected more than $ 3 million in asbestos client referral fees . He received those fees by , among other official acts , awarding $ 500,000 in state grants to a university research center of a physician who referred patients with asbestos-related illnesses to Silver at the law firm where he worked , the complaint said . Prosecutors also accuse Silver of actively interfering with the work of the state 's Moreland Commission to Investigate Public Corruption so it would not learn of his illegal income , including negotiating with Cuomo to prematurely end the commission . The panel issued subpoenas seeking information on the the outside income earned by lawmakers . Cuomo , a fellow Democrat , appointed members of the anti-corruption commission in 2013 , but disbanded the panel one year later in exchange for changes in campaign finance reporting requirements and bribery laws for the Legislature , the complaint said . Bharara said Cuomo 's decision came as `` great relief '' to Silver . Cuomo 's office declined to comment but , in a meeting with the New York Daily News editorial board , the governor called Silver 's arrest `` a bad reflection on the government '' and said the case against the speaker `` vindicates '' the commission 's work . Bharara told reporters that a number of other public corruption investigations were continuing . `` You should stay tuned , '' he warned . The state Assembly canceled its session on Thursday . Silver can continue to serve as speaker despite his arrest but would have to leave office if convicted of a felony , according to NY1 . Born on Manhattan 's Lower East Side , Silver is a graduate of Yeshiva University and Brooklyn Law School .
One of New York state 's most powerful politicians arrested on graft charges . State Assembly ##man Sheldon Silver allegedly received $ 4 M in bribes and gifts . Silver : ` ` I am confident ... I will be vindicated ''