Authorities say Farley reported to the Toms River Police Department that her ex, Thomas Lippolis, had attempted to extort $25,000 in exchange for not divulging secrets about her to the media.
The alleged extortion attempt had been relayed to Farley through her publicist, who police say had initially received a phone call from Lippolis demanding the money.
Farley and Lippolis had dated for close to a year approximately 10 years ago.
On Wednesday, Toms River Detectives Tom Grosse and Jon Turner initiated an investigation into the allegations and subsequently arrested Lippolis.
He is charged with third-degree extortion.
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