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Jeweler in Jail
Posted by editor_usa

Punishment For a Man Whose Clients Included Elton

Wednesday 25
June 2008 @ 16:40
– GMT

Bling merchant to the stars Jacob the Jeweler will be jailed for two-and-half years: He was found guilty of lying to federal investigators.

The jewelry designer, whose real name is Jacob Arabov, pleaded guilty to the crime in October 2007 – a year after he was arrested in his New York store, accused of working with others to conspire to launder $270 million in drug profits.

The money laundering charges were later dropped as part of a plea deal with prosecutors.
The 43-year-old, who has sold gems to Elton and Kanye West, among others, was sentenced at a Detroit, Michigan court yesterday.

U.S. District Judge Avern Cohn, who presided over the case, told the court: “The nature and circumstances of the offense were deeply serious. He willingly participated in a mammoth drug conspiracy.” Cohn also ordered the Russian native to pay a $50,000 fine and hand over $2 million to the U.S government.

After hearing the sentence, Arabov told the court, “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.”

He will report to a federal jail on the 15th of  January  2009.

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