Celebrities are not above the law and that also applies to celebrity jewelers. On June 15, Drug Enforcement Agency officers took Jacob Arabov, better known as “Jacob the Jeweler,” into custody. Arabov was indicted along 40 other people for charges including money laundering in excess of $270 million and conspiracy to distribute close to 500 kilograms of cocaine. The accused are part of a “Black Mafia Family” which is a nationwide crime ring based in Detroit that has been associated with the hip-hop music industry.
Jacob Arabov pleaded not guilty to money-laundering charges in a Manhattan Federal Court on June 15 and vehemently denies money-laundering charges. He was released on a $100,000 bail. Arabov’s next court date is set for July 10, in a Michigan U.S. District Court.
Jacob the Jeweler was the celebrity supplier of “bling” jewelry to clients including Madonna and David Beckham but was most famous for providing “ice” to Sean ‘Diddy’ Combs, 50 Cent and other hip-hop artists.
Arabov’s company, Jacob & Co., is a well-known brand name in the world of rap music and is famous for the Five Time Zone Watch and the recently launched J & Co. Sneaker Collection.