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New York Assembly Speaker Sheldon Silver is transported by federal agents to federal court Jan. 22, 2015, in New York. AP Photo/Mark Lennihan

NEW YORK -- New York Assembly Speaker Sheldon Silver was arrested Thursday on corruption charges and accused of using his position as one of the most powerful politicians in Albany to obtain millions of dollars in bribes and kickbacks masked as legitimate income.

The 70-year-old Silver was taken into custody around 8 a.m. at the FBI's New York City office, FBI spokesman Peter Donald confirmed. Silver faces five counts, including conspiracy and bribery, and the charges carry a potential penalty of 100 years in prison.

In a criminal complaint, authorities said Silver abused his power and "obtained about $4 million in payments characterized as attorney referral fees solely through the corrupt use of his official position."

Silver's attorney, Joel Cohen, called the charges "meritless."

"Mr. Silver looks forward to responding to them - in court - and ultimately his full exoneration," Cohen said in a statement.

Silver was expected to make a court appearance later Thursday.

The arrest sent shock waves through New York's Capitol as a new legislative session began, and it came just a day after Silver shared the stage with Gov. Andrew Cuomo during his State of the State address.

U.S. Attorney Preet Bharara took over the files of New York's Moreland anti-corruption commission after Cuomo closed it in April. Bharara said in October that investigations into Albany's pay-to-play politics are continuing.

The commission and Bharara were looking into lawmakers' earnings outside their state salaries. Silver's outside income has long been a subject of discussion and controversy. Last year, he reported making up to $750,000 for legal work, mostly with the trial firm of Weitz & Luxenberg.

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Sheldon Silver, powerful New York Democrat, arrested by FBI