Jacob “The Jeweler” Arabov, a famous distributor of fine jewelry to some of the biggest names in music (including Busta Rhymes, Elton John and Jay-Z), appeared in a Detroit Federal Court yesterday (Oct 31) to enter a guilty plea on charges of falsifying records and giving false statements to investigators probing a multi-state drug ring.
Arabov, 42, was arrested in June of last year for allegedly conspiring to launder approximately $270 million in drug money for the Black Mafia Family crime organization of Detroit. Reports detail that 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 remaining six others have not yet been found by investigators.
Federal authorities have said about 1,100 pounds of cocaine and $19 million in cash and other assets have been seized – beginning in 2000.
According to U.S attorney Stephen J. Murphy via news release, Arabov accepted the plea agreement in order to avoid the more serious charges of money laundering. He is now facing up to 46 months in prison along with a $2 million penalty.
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“I realize I have made a terrible mistake and I accept the consequences of my actions,”Arabov said in a recent news release issued through his attorney Benjamin Brafman.
No sentencing date was immediately set by U.S. District Judge Avern Cohn.
