Fallen from grace: Jacob, not PharrellWorld-renowned jeweler to the stars Jacob Arabov completed his fall from grace today by accepting a plea bargain for his involvement with a multi-state drug ring.
Jacob plead guilty to falsifying records and providing false statements to investigators and will serve 46 months in prison. He must also pay a $2 million fine. In exchange the government has agreed to drop more serious money laundering charges against him.
Jacob became fabulously wealthy as the jeweler to stars from Elton John to Diddy to Kanye West, but the lure of illicit wealth was too strong for him to pass up. "I realize I have made a terrible mistake and I accept the consequences of my actions," he said in a statement. While no sentencing date has been set, Arabov must be relieved at the leniency of his sentence. Arabov is one of 41 people indicted in a $270 million scheme said to be masterminded by the "Black Mafia" to wash drug proceeds. It's a shameful conclusion to a once-lofty career.
