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.