Fall River Mayor Jasiel Correia was arrested Thursday morning and will face federal charges for allegedly defrauding investors and "using funds to pay for lavish lifestyle and political campaign," federal authorities announced Thursday morning.

U.S. Attorney Andrew Lelling will announce the details of the charges against Correia, who admitted last year that he was the subject of a federal investigation, at an 11 a.m. press conference at the federal courthouse in Boston.

Correia became Fall River's youngest mayor and its third chief executive in a year when he defeated one-time Bristol County District Attorney Sam Sutter in 2015.