Is Jacob the Jeweler Jacob the Money Launderer?

by Deidre Woollard (RSS feed)
Jun 15th 2006 at 6:03PM

Big news in the jewelry world, WWD reports that Jacob Arabo, founder of Jacob & Co., and famous for being Jacob the Jeweler to rap stars has been arrested on federal charges. Arabo was indicted in "a superseding indictment of 16 individuals with violating federal drug laws, which include laundering in excess of $270,000,000 in U.S. currency." Wow, let's just ponder that for a moment, $270 million. Arabo is charged with giving and lending jewelry to members of the "Black Mafia Family," a drug organization. The indictment requires that more than 30 pieces of jewelry, residences and cars be forfeited. It's a big reversal of fortune for the king of bling.

Tags: jacob and co, jacob arabo, jacob the jeweler, JacobArabo

Filed under: Jewelry

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Reader Comments (Page 1 of 1)

citizen Jun 15th 2006 6:37PM

Ah, it all makes sense now.

Jim Thomas Jun 15th 2006 9:34PM

I can't believe he would get himself in that type of trouble. He is a smart businessman, and I hope the best for him. www.hauteblog.com

Harrison Jun 16th 2006 2:59AM

That was probably where he got the endorsements and the ties to rappers to begin with, without that he might not have connected with the stars that he currently works with. He also charges through the roof for his services. But with fame comes drama.

Perrey Z. Jun 16th 2006 3:30AM

Now he can ask all the blessings and help he needs to all thouse ugly Jesus neckleace/medallions he did a while back with the rapper i can remember his name right now because i'm a White person adn i don't follow "rollers".

Black Mafia (laughs!)

p-diddy Jun 16th 2006 8:52AM

So who's gonna sell me my bling in Def Jam 3 for Xbox 360?? Lame.

-p-

Harrison T. Jun 18th 2006 5:57AM

Perrey Z. You are more ignorant than those you are trying to discriminate those you call rollers. Because you are white what does that have to do with your ability to remember a guys name? And why do you begin to mock the black mafia, or any other syndicated gang, they're probably more structured and successful in their dealings than yourself.