Neither Jacob nor his jewelsJacob Arabov, known as the "King of Bling" and favored by celebrities from Diddy to Elton John, will be living a much simpler life for the next two-and-a-half years for his involvement in an interstate drug ring.
Jacob was one of more than 40 people arrested two years ago in Manhattan. He was accused of taking part in a conspiracy to launder more than $270 million in drug profits. Rather than risk an expensive and embarrassing trial, Jacob pleaded guilty last fall to falsifying records and lying to investigators. In addition to the jail sentence, he must pay a $50,000 fine and forfeit $2 million to the federal government.
As hard as Jacob has fallen, it could have been even worse. Reports hit the web today that his name has come up again as the money laundering investigation continues to widen. I'd say he was wise to cut his losses and pay his dues now before the feds find more dirt to sling at him.