Edward W. (Peter) Vincent Jr. was arrested on criminal charges by Edgartown police on Friday afternoon. Mr. Vincent is now in the Edgartown house of correction, where he will be held for the weekend pending arraignment in district court, Edgartown police confirmed.

The arrest took place at 4:15 p.m. Friday; Mr. Vincent was handcuffed and taken from his South Water street home to the county jail.

Edgartown police chief Antone Bettencourt said Mr. Vincent has been charged with larceny by embezzlement over $250 and fiduciary embezzlement. The chief said police applied for an arrest warrant on Friday morning after consulting with the Massachusetts Attorney General.

“We called to talk about it and to see whether they felt it was something that we could handle here, and they came to the conclusion that it was,” Chief Bettencourt said.

The police chief said Mr. Vincent will be arraigned on Monday morning in Edgartown district court on the charges.

A prominent Edgartown attorney who also holds several positions on town boards, Mr. Vincent is the subject of a widening investigation by state and local law enforcement authorities involving the alleged misuse of funds in at least two real estate transactions. The news of possible wrongdoing came to light two weeks ago when Mr. Vincent was sued by the MSPCA on March 16 and then last Friday another suit was filed by First American Title Insurance Company. Judges presiding over those civil cases have placed more than $700,000 in liens against have been placed against his property and income and frozen his bank accounts.