Federal authorities arrested on Thursday New York Assembly Speaker Sheldon Silver on charges of corruption. He is accused of using his position in New York to get millions of dollars in kickbacks and bribes.

According to federal prosecutors, Silver's law practice as a personal injury lawyer representing ordinary folks is just a front to hide alleged payoffs amounting to $4 million "earned" over 10 years, reports the New York Times.

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The Democrat, who represents the East Side of Manhattan, is said to earn from real estate developers via kickbacks as well as funneling state grants to a physician, who in turn, refers the asbestos claims to another law firm where Silver is also connected and pays him referral fees.

Preet Bharara, U.S. attorney for the Southern District of New York, said the arrest of the speaker answers the question that many residents of the Big Apple ask: how Silver could earn million outside of his government compensation without compromising his ability to serve his constituents honestly. He stressed, "Today, we provide the answer: He didn't."

After the arrest, a federal magistrate judge prevented Silver from accessing $3.8 million he deposited in eight bank and asset-management accounts through the issue of seizure warrants. He was also prevented from leaving continental United States.

Silver, 70, was released from detention after he surrendered his passport and posted a $200,000 personal recognizance bond.

That would mean Silver could no longer join New York Gov. Andrew Cuomo and the leader of the State Senate on several international trade missions, which the governor announced early Thursday at his State of the State address, apparently unaware of Silver's impending arrest.

However, after leaving the courtroom, Silver insisted he is innocent of the accusations and confident that after a full hearing and given due process, he would be vindicated.

In defense of Silver, New York City Mayor Bill de Blasio insisted that the speaker is a man of integrity. New York Post quotes de Blasio as saying, "Although the charge today certainly are very anxious, I want to note that I've always known Shelley Silver to be a man of integrity and he certainly has due process rights, and I think it's important that we let the judicial process play out."

But other Democrats sought the resignation of Silver.

Tagssheldon silver, New York Assembly