Tag Archives: Jacob The Jeweler

The Jewelry Insider

July 31, 2008

Jacob the Jeweler is taking no prisoners and ironically, well, will soon be one. While the namesake of the famous celebrity jeweler, Jacob Arabov, will be reporting to prison in January for lying to investigators of a multi-state drug ring, the company itself is apparently in the mood to settle old scores. The first high-profile culprit? Former Fugee and political activist, Wyclef Jean.

In court papers filed Tuesday in Manhattan, Jacob and Company Incorporated alleges that the international hip-hop star owes $319,680 for jewelry and watch purchases made between March 2002 and January 2006. Apparently, repeated attempts were made to collect the outstanding debt to no avail.

Now, of course, a debt is a debt is a debt. No matter who you are. But I wonder how much you can trust the book keeping of a company whose founder was allegedly laundering money to the tune of $270 million for the formidable Black Mafia family? That’s a lot of bling. It’s also interesting that a debt incurred almost 6 years ago by Wyclef is only now being pursued in court by the jeweler? Hmmmmm.

Color me Pollyanna, but I like to think a stand up guy like Wyclef, who has devoted much of his adult life to helping the people of his native Haiti, will have a lot to say on the matter. As of now, his representatives have not commented.

In the meantime, The Jewelry Insider will be interested to see who just might be next on the “King of Bling”’s hit list. Madonna? Elton? Puffy? Stay tuned…

The Jewelry Insider

July 31, 2008

Jacob the Jeweler is taking no prisoners and ironically, well, will soon be one. While the namesake of the famous celebrity jeweler, Jacob Arabov, will be reporting to prison in January for lying to investigators of a multi-state drug ring, the company itself is apparently in the mood to settle old scores. The first high-profile culprit? Former Fugee and political activist, Wyclef Jean.

In court papers filed Tuesday in Manhattan, Jacob and Company Incorporated alleges that the international hip-hop star owes $319,680 for jewelry and watch purchases made between March 2002 and January 2006. Apparently, repeated attempts were made to collect the outstanding debt to no avail.

Now, of course, a debt is a debt is a debt. No matter who you are. But I wonder how much you can trust the book keeping of a company whose founder was allegedly laundering money to the tune of $270 million for the formidable Black Mafia family? That’s a lot of bling. It’s also interesting that a debt incurred almost 6 years ago by Wyclef is only now being pursued in court by the jeweler? Hmmmmm.

Color me Pollyanna, but I like to think a stand up guy like Wyclef, who has devoted much of his adult life to helping the people of his native Haiti, will have a lot to say on the matter. As of now, his representatives have not commented.

In the meantime, The Jewelry Insider will be interested to see who just might be next on the “King of Bling”’s hit list. Madonna? Elton? Puffy? Stay tuned…

Blinging in the Big House?

He may be jeweler to the celebs, but pretty soon Jacob Arabov, aka “Jacob the Jeweler,” is going to be jeweler to the cons….. New York’s most flamboyant jeweler has just been sentenced to two and half years in a Federal pen for lying to investigators looking into a multi-state drug ring.

Apparently when it comes to bargaining with the Feds, no amount of bling in the world could get him out this house.

Jacob The J was arrested on June 15, 2006, at his flagship store on East 57th Street in New York on charges of laundering drug money for a Detroit-based crime syndicate called the Black Mafia Family. Authorities claimed Arabov accepted $270 million in “dirty” money from the ‘Family’, then returned the funds in jewelry.

His clientele includes celebs such as Kanye West, Lil Kim, Victoria Beckham, Mariah Carey and even Rudy Giuliani. They’ll just have to put their jewelry shopping on ice for a while. Arabov is scheduled to report to prison Jan. 15, 2009.