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Jakob Laundered Drug Money
A celebrity jeweler who put diamonds on celebrities from Sir Elton
John to Kanye West pleaded guilty Wednesday to falsifying records and
giving false statements to investigators looking into a multistate
drug ring. Arabov, a Russian immigrant also known as the "King of
Bling," became popular among hip-hop and R&B artists in the mid-1990s.
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He Was Connected To Rosenstein
Arabov, 42, was arrested in June 2006 at his Manhattan jewelry
shop. Authorities accused him and others of conspiring to launder
about $270 million in drug profits for the "Black
Mafia Family," a ring that operated out of the Detroit area
beginning in the early 1990s.
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Most Accomplices Have Fled To Israel
The 7-year investigation resulted in the indictments of Arabov and
41 other people. Twenty-eight have pleaded guilty, eight are scheduled
for trial Nov. 19 and the whereabouts of six others are unknown.
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Famous New York Attorney
In return for the guilty plea, prosecutors agreed to drop money
laundering charges against the man known in the hip-hop world as
"Jacob the Jeweler," said Arabov's attorney, Benjamin Brafman.
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Judge Vern Cohn Will Pass Sentence
Terms of the plea deal call for Jacob Arabov of New York to serve
up to 46 months in prison and pay a $2 million penalty, U.S. Attorney
Stephen J. Murphy said in a news release. No sentencing date was
immediately set by U.S. District Judge Avern Cohn.
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