Interesting
Jacob the Jeweler Indicted For Drug, Money Laundering
Monday, June 19, 2006
By: Kenny Rodriguez
Hip-hop’s most popular jeweler, known for supplying bling-bling to
everyone from Sean ‘Diddy’ Combs to Bow Wow, was arrested last week
on drug trafficking and money laundering charges.
Jacob Arabov - also known as Jacob Arabo, but better known as ‘Jacob
the Jeweler’ - was taken into custody by DEA task force officers in
New York on Thursday, June 15.
Arabov is one of 41 people named in a federal indictment released
last month in Detroit listing a host of charges, including money
laundering in excess of $270 million, and conspiracy to distribute
close to 500 kilograms of cocaine.
Several members of the Black Mafia Family (BMF), an Atlanta-based
independent record label, also appeared on the indictment for drug
trafficking.
According to Stephen Murphy, US attorney of the Eastern District of
Michigan, the organization has peddled cocaine throughout Detroit
since the early 1990s, as well as in Kentucky, Georgia, Missouri,
California, and Texas.
The indictment stated that “members of the organization used the
illegal proceeds of their narcotic sales, purchased and leased
numerous luxury vehicles, acquired and sold real property, and
purchased jewelry while concealing the true source and nature of the
funds involved in the transaction through false names and nominee
purchasers.”
The 41-year-old jeweler has become the go-to man for hip-hop artists
interested in buying diamond-crusted jewelry. Aside from being
name-checked in countless rap records, notably Kanye West’s “Diamonds
From Sierra Leone (Remix),” Arabov has also done work for famous
celebrities such as soccer star David Beckham and pop icon Madonna.
“The arrest of Mr. Arabovv is the result of an unfortunate
misunderstanding that we believe will be straightened out in the next
several weeks,” said a spokeswoman for Arabov’s jewelry company,
Jacob & Co.
“We are confident that once the government is advised of all the
facts surrounding these issues that all of the charges against Mr.
Arabov will be completely dismissed.”
During a hearing on Thursday, Arabovv agreed to turn himself in to
authorities in Detroit on July 12.