Jacob the Jeweler Pleads Guilty to Lesser Charges in Money Laundering Case, Faces Prison
Jacob “The Jeweler” Arabov is scheduled to enter a guilty plea on charges of making false statements to investigators in Detroit Federal Court today. Jacob was arrested in June of 2006 by federal authorities on charges that he allegedly conspired to launder as much as $270 million in drug profits for the Detroit based Black Mafia Family organization. According to the Associated Press, Jacob accepted the plea agreement offered by prosecutors, who in turn agreed to drop the more serious charges of money laundering. He is expected to face between 37 and 52 months in prison. Jacob is well known in the hip-hop community as a purveyor of fine jewelry to some of the biggest names in rap. He has been immortalized in lyrics from a slew of top artists such as The Notorious B.I.G., Nas and Kanye West.