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Jacob the Jeweler Gets 30 Months in Prison
Posted by Administrator at Tuesday, June 24th, 2008 at 4:05PM :: Email this article :: Print this article



Thanks to www.BlackVibes.com for this update - the New York businessman known in the hip-hop world as "Jacob the Jeweler" was sentenced Tuesday to 2 1/2 years in federal prison for lying to investigators looking into a multistate drug ring. Jacob Arabov, 43, pleaded guilty in October to falsifying records and giving false statements as part of a deal with federal prosecutors, who asked U.S. District Judge Avern Cohn to impose a minimum sentence of three years and one month. Cohn decided to shave off seven months from that recommendation, citing Arabov's extensive charity work. Cohn also ordered the Russian immigrant to pay a $50,000 fine and to make a $2 million forfeiture payment to the government. "I feel ashamed that I broke the laws of this country, a country that has been so good for me," Arabov said. "I will carry this shame for the rest of my life." Arabov was arrested in 2006 at his Manhattan jewelry shop. Authorities accused him and others of conspiring to launder about $270 million in drug profits.

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