J.Lo’s Jeweler Doing Time?
Crowned the “King of Bling,” by his celebrity clientele, including Jessica Alba, Mariah Carey, Fat Joe, Jennifer Lopez and Enrique Iglesias, Jacob the Jeweler (née, Jacob Arabov, who is pictured here with singer Claudette Ortiz), entered into a plea bargain with the U.S. prosecutors in Detroit which allows him to escape 20 years in prison if he was convicted of money laundering. Arrested and charged last year with laundering more than $270 million in narcotics for a drug ring called the Black Mafia Family (BMF), known to have jump-stared Young Jeezy’s career, Arabov’s guilty plea deal, reports, WWD, does not require him to be a cooperating witness. Next year, when sentenced, he faces anywhere from 37 to 46 months in prision, plus a $2 million penalty. ”I have always been blessed with good fortune and loving friends and family,” said Arabov in a statement. “I realize I have made a terrible mistake and I accept the consequences of my actions. America is the greatest country on earth and I have great regret that I violated the law. My desire is to do whatever I can to atone for my wrongdoings and move ahead with the great business I have built and the wonderful family that I love.” What will happen to his New York Store, Jacob & Co. if he’s sentenced? When some 30% of his business comes from his personal accounts with the rich and famous, time will only tell if Jacob & Co. will survive. I guess being king of bling just wasn’t enough.
