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Jacob The Jeweler Going To Jail.
The Associated Press reports today that Celebrity jeweler Jacob Arabov, known in the hip-hop world as "Jacob the Jeweler," has been sentenced to 30 months in federal prison for lying to investigators in a case involving the laundering of drug profits.
Arabov pleaded guilty in October 2007 to falsifying records and giving false statements as part of a deal with federal prosecutors.
Prosecutors asked U.S. District Judge Avern Cohn to impose a minimum sentence of three years and one month. Cohn, however, today sentenced Arabov to a total of two years and six months, citing Arabov's extensive charity work, the AP reports. He also ordered Arabov to pay a $50,000 fine and to make a $2 million forfeiture to the government.
Authorities accused Arabov and others of conspiring to launder about $270 million in drug profits for the "Black Mafia Family," a ring that operated out of the Detroit area beginning in the early 1990s. A seven-year investigation culminated in Arabov's arrest in 2006 and the indictments of Arabov and at least 41 others.
A favorite among hip-hop artists and rappers, Arabov launched a line of religious-themed jewelry with Kanye West and manufactured Lil' Kim's line of Royalty watches.
Arabov will report to prison Jan. 15, 2009.
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