Thursday, 08 Nov, 2007 Current Events

Jacob Arabo Arrested for Money Laundering


The jewelry world is stunned by the news - Jacob Arabo, founder of Jacob Co., nicknamed 'Jacob the Jeweler' by rap stars and other music celebrities has been arrested for money-laundering on federal charges.

Yakov Arabov, famous among hip-hop stars as Jacob Arabo or 'Jacob the Jeweler,' has been involved into a multi-state drug and money-laundering, according to Police. Arabov has at once paid his 100 thousand dollars bail. A warrant for his arrest was issued in Detroit by federal authorities.

According to Detroit U.S. Attorney Stephen J. Murphy, Yakov Arabov was named in an indictment charging 16 individuals with violating federal drug laws, including conspiracy for distributing 476 kilos of cocaine and laundering about 270 million U.S dollars. Arabo, also famous as 'the king of bling' is charged with giving jewelry to members of a drug organization known as 'Black Mafia Family'.

Jacob Arabo's diamond-set watches and jewelry creations represent the choice of such celebrities as Kanye West, Lil Kim and Sir Elton John. This year Jacob the Jeweler has been named the Jewelry Trendsetter of the year by Modern Bride magazine.

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