jacob arabo

Jacob the Jeweler Sentenced To Jail

Filed under: Jewelry

Bad news for Jacob Arabov. The man, better known as "Jacob the Jeweler" and namechecked in stars by hip-hop stars like Missy Elliot for his expensive and gaudy creations has just been sentenced to 30 months in prison. Arabov has been sentenced to 30 months in prison, and will have to pay a fine of $2 million in a sentence handed down today by U.S. district court judge Avern Cohn in Detroit. Arabov was arrested on June 15, 2006 on money laundering charges involving more than $270 million in narcotics earnings for a Detroit-based drug ring.

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Is Jacob the Jeweler Jacob the Money Launderer?

by Deidre Woollard (RSS feed) —

Filed under: Jewelry

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.

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