A lawyer for a fugitive Colombian millionaire at the center of the South American nation's biggest financial scandal says his client has been arrested in Spain.

Attorney Ivan Cancino tells The Associated Press that former investment executive Victor Maldonado was captured Thursday in Madrid. Cancino gave no further details.

Maldonado was the largest shareholder of Interbolsa, which had been Colombia's biggest brokerage before its 2012 collapse for defrauding clients.

Two of his partners pleaded guilty last month and were immediately jailed for masterminding a complex web of offshore financial transactions and risky stock market bets that are believed to have robbed more than a thousand clients of upward of $60 million.

Maldonado's lawyer says his client has dual Colombian-Spanish citizenship and that likely will complicate any extradition proceedings.