North Salem Supervisor Paul Greenwood submitted his resignation Thursday, a week after he was arrested on fraud charges connected to his investment firm.

Greenwood and his business partner were arrested Feb. 25 by the FBI on federal fraud charges. According to investigators, the town supervisor swindled more than $500 million from investors.

Following his arrest, Greenwood was set free on $7 million bail, but his assets, including a 250-acre horse farm on the Putnam-Westchester border, have been frozen for possible use in restitution to victims of the alleged scheme.

Since then, Greenwood has had little contact with other town officials until late Thursday afternoon, when he submitted a three-line, handwritten resignation note to Town Clerk Veronica Howley.

Howley says the North Salem Town Board will hold an emergency meeting Thursday evening to discuss Greenwood's decision to step down.

The immediate responsibilities of town supervisor will be transferred to Deputy Supervisor Warren Lucas. Under state law, the town board will decide if it wants to appoint an interim supervisor.