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.