Jacob Arabov, better known as “Jacob the Jeweler,” pleaded guilty in federal court this past week to falsification of records and making a false statement to a federal agent. Arabov was arrested in New York on June 15, 2006 as part of an indictment along with 41 other people for charges including money laundering and conspiracy to distribute cocaine. Arabov, who pleaded not guilty to those charges, will go to trail later this year on that case.
The plea agreement for the false records and false statements, have attached potential penalties of up to 46 months in prison and up to $2 million in fines. The agreement also included Detroit federal dropping all money-laundering charges against the famous jeweler.
Arabov gained fame as “Jacob the Jeweler” when hip-hop and rhythm and blues artists became his clients. Some of his famous clients include Sir Elton John, Faith Hill, Madonna, Jay-Z, Beyoncé, Victoria Beckham, Sean “Diddy” Combs, and 50 Cent.
In a news release from Arabov’s attorney, Benjamin Brafman, the celebrity jeweler said "I realize I have made a terrible mistake and I accept the consequences of my actions."
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