NY, NY Sunday, August 19, 2007

Big news in the jewelry world, Jacob Arabo, founder of Jacob & Co., and famous for being Jacob the Jeweler to rap stars and celebrities has been arrested on federal charges.

Arabo was indicted in "a superseding indictment of 16 individuals with violating federal drug laws, which include laundering in excess of $270,000,000 in U.S. currency." Wow, let's just ponder that for a moment, $270 million. Arabo is charged with giving and lending jewelry to members of the "Black Mafia Family," a drug organization.

The indictment requires that more than 30 pieces of jewelry, residences and cars be forfeited. It's a big reversal of fortune for the king of bling.





Yakov Arabov, the jeweler known for putting diamonds on celebrities from Kanye West, Lil Kim to Sir Elton John was arrested yesterday for money laundering charges.

Yakov Arabov, known throughout the hip-hop world as Jacob Arabo or "Jacob the Jeweler,'' was connected to a multistate drug and money-laundering, say Police.

Arabov's immediately paid his bail, which was set at $100,000.00

Arbov, 41, was arrested at 8:30 a.m. on a warrant issued in Detroit by federal authorities.

The authorities have charged him with conspiring with others to launder money in connection with a jewelry business.

Detroit U.S. Attorney Stephen J. Murphy said, Arabov was identified along with the alias, "Jacob the Jeweler,'' in an indictment charging some of 16 people with breaking federal drug laws, included conspiracy to distribute more than 476 kilograms of cocaine and laundering about $270 million.

Jacob Arabo or "Jacob the Jeweler,' was recently named the jewelry trendsetter of the year by Modern Bride magazine.