'Jacob the Jeweler' Gets 30 Months In Prison

[nikkianddean]

Oh no!!! Where will all the hip hop stars get their diamonds from now

 

The New York businessman known in the hip-hop world as "Jacob the Jeweler" was sentenced Tuesday to 2½ 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.

 

Authorities accused Arabov and others of conspiring to launder drug profits for the "Black Mafia Family," a ring that operated out of the Detroit area beginning in the early 1990s.

 

The seven-year investigation resulted in the indictments of Arabov and at least 41 other people, federal authorities say.

 

They say about 1,100 pounds of cocaine and $19 million in cash and other assets were seized beginning in 2000.

 

Arabov, also known as the "King of Bling," became popular among hip-hop and R&B artists in the mid-1990s.

 

He launched a line of religious-themed jewelry with Kanye West, who later named him in songs including "Diamonds From Sierra Leone," in which he asked, "These ain't conflict diamonds, is they Jacob? Don't lie to me man."

 

He also manufactured Lil' Kim's line of Royalty watches.

 

Arabov will report to prison Jan. 15.

[DanielleNDerek]

me and fi always watch those celebrities shows on vh1 and he's always on there. He really messed up, he had so much going for him too.

[lambert13]

Does this mean that certain elements of the rap community are involved in the drug trade and organized crime too?? Shield my virgin ears.

 

Lock him up, and send him home when he gets out.

[Martha]

I guess I am not surprised....I would be interested to know which of his clients are also involved. Scandal! ha!

[Sandra E.]

I can't believe he screwed up like that.

[Copita]

Wow. That is crazy!

[Dbld78]

I'm shocked!!! I can't believe that a man with the name "King of Bling" would ever be involved in some kind of "gangster" deals! What is this world coming to... lol! Seriously lock them ALL up and throw away the keys... I'm sick of hearing about people like this who think they are above the law because they have a "name" and he should be embarrassed...