Notorious hip-hop and celebrity bling maker Jacob the Jeweler has been sentenced to 2 1/2 years in prison for lying to investigators about his involvement and affiliation with the Black Mafia Ring, during a federal drug ring investigation.
Apparently, when Arabov’s not laundering $270 million, he makes watches and necklaces that sell for roughly the same price.
The New York businessman known in the hip-hop world as “Jacob the Jeweler” was sentenced Tuesday to 2 1/2 years in federal prison for lying to investigators looking into a multistate drug ring.
Jacob Arabov, 43, pleaded guilty in October to falsifying records and giving false statements as part of a deal with federal prosecutors, who asked U.S. District Judge Avern Cohn to impose a minimum sentence of three years and one month.
But Cohn decided to shave off seven months from that recommendation, citing Arabov’s extensive charity work.
Cohn also ordered the Russian immigrant to pay a $50,000 fine and to make a $2 million forfeiture payment to the government.
“I feel ashamed that I broke the laws of this country, a country that has been so good for me,” Arabov said. “I will carry this shame for the rest of my life.”
Arabov was arrested in 2006 at his Manhattan jewelry shop. Authorities accused him and others of conspiring to launder about $270 million in drug profits.
Prosecutors dropped the money laundering charges in the plea deal.
Well, the 2 1/2 years of jail time is a definite setback, but the $50k fine and the $2 million penalty levelled against Arabov is a paltry pittance when compared to the cost (and hefty profit margin) of one of these babies:
I find it quite entertaining to note that a jewelry maker has found his way into the bling-branded lexicon of popular culture simply by getting name-checked in hip-hop and R&B lyrics. If you have any doubt about the scope of his influence and notoriety, check this list of just a few of the songs that reference Jacob and his blindingly opulent wares:
And Jacob’s list of diamond-hungry celebrity clientele is just as glam and glittery:
JACOB & Co. boasts a celebrity list of owners from Angela Bassett, Jimmy Fallon, Gisele Bundchen, Sean “P. Diddy” Combs, Enrique Iglesias, Justin Timberlake, Verne Troyer, Fred Durst, David & Victoria Beckham, Sir Elton John, Karl Lagerfeld, Carmen Kass, Naomi Campbell, Stefano Gabbana, Mya, Busta Rhymes, Nelly, Wyclef Jean, Nas, Tyrese, 50 Cent, Sharon & Ozzy Osbourne, Madonna, Jennifer Lopez, Bono, Michael Jordan, Tyson Beckford, Britney Spears, Sharon Stone, Beyonce Knowles, Rudolf Giuliani, Lenny Kravitz, Jessica Simpson, John Mayer, T.K. Hong Kong, and the list goes on.
It’s going to be a long couple of years for these diamond-starved celebs to countdown the minutes they’ll be waiting for their next million dollar timepiece. Do you think Jacob gets his Diamonds from Sierra Leone?
Tags: Culture | Music | Detroit | rap | Jacob | Manhattan | hip-hop | Diamond | bling | money | drug | Jail | LAUNDERING | SENTENCED | watch | jewelry | RING | plea | CONVICTED | culturite | R Kelly | jacob the jeweler | arabov | timpiece
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