Jacob the Jeweler Sentenced To 2 1/2 Years

[vivfox]

Published: Tuesday - June 24, 2008
Words by Allen Starbury

Famed New York jeweler, Jacob The Jeweler, was sentenced to 2 1/2 years on Tuesday (June 24) for lying to investigators looking into a multi-state drug ring.

The 43-year-old jeweler (real name: Jacob Arabov) pleaded guilty in October 2007 to falsifying records and giving false statements as part of a plea deal with federal prosecutors, which was to be a minimum sentence of three years and one month. However, U.S. District Judge Avern Cohn shaved off seven months from that recommendation, citing Arabov's extensive charity work.

He originally faced money-laundering charges, which were dropped as a part of the deal.

According to the Associated Press, the judge also order ordered the Russian immigrant to pay a $50,000 fine, as well as forfeit $2 million to the government.

"I feel ashamed that I broke the laws of this country, a country that has been so good for me," Arabov said. "I will carry this shame for the rest of my life."

Jacob was arrested in 2006 at his Manhattan jewelry shop, after being accused of conspiring to launder about $270 million in drug profits from the Black Mafia Family, who is known throughout the hip-hop industry as BMF, an independent record label who have put out records in Atlanta over the past few years.

The investigation went on for more than seven years. The end result was indictments being handed down on Arabov and at least 41 other people.

Jacob rose to fame for providing everyone in the hip-hop and R&B industry with bling. His name was used in countless rap songs, and his Jacob & Co line of watches has been a staple among artists for years.

He is slated to begin serving his sentence January 15.

http://www.ballerstatus.com/article/news/2008/06/4958/