News / People
‘Jacob the Jeweler’ Sentenced to 30 Months in Prison
In October, the 43-year-old Russian immigrant pleaded guilty to falsifying records and giving false statements. It was a part of a plea deal with federal prosecutors who requested that the district judge impose a minimum sentence of 3 years and one month in prison.
Seven months was taken off the recommendation because of Arabov’s involvement in charity work. “I feel ashamed that I broke the laws of this country, a country that has been so good for me. I will carry this shame for the rest of my life,” Arabov said.
He was also sentenced to pay a $50,000 fine and make a $2 million forfeiture payment to the government.
Arabov and others were accused of laundering about $270 million in drug profits. Those charges were dropped as a part of the plea deal. He was also accused of conspiring to launder drug profits for the “Black Mafia Family.” Arabov and 41 others were indicted.
Arabov is known as the King of Bling as he became popular among hip-hop artists. He and rapper Kanye West launched a ling of jewelry and he manufactured Lil’ Kim’s line of watches.
He must report to prison January 15.
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