A Manhattan jeweler known as the Harry Winston of the hip-hop world who was accused of laundering money for a Detroit-based cocaine ring pleaded guilty yesterday to reduced charges.
In a deal with federal prosecutors in Detroit, the jeweler, Jacob Arabo, admitted to filing a false document with the federal government attesting that pieces of jewelry had simply been lent for a video shoot when in fact they had been sold, said his lawyer, Benjamin Brafman. He also admitted to lying to federal agents.
Mr. Arabo, who goes by the name of Jacob the Jeweler and who was listed in court papers as Yakov Arabov, agreed to pay $2 million, roughly the cost of the jewelry involved in the false document. He faces a likely sentence of 37 to 46 months’ imprisonment when he is sentenced early next year, Mr. Brafman said.
The original charge of money laundering, which could have brought him 10 to 15 years in prison, was dismissed, Mr. Brafman said.
Mr. Arabo counted among his clients musicians like Sean Combs, known as Diddy, and Madonna as well as athletes like Allen Iverson and Shaquille O’Neal.
Mr. Arabo, an immigrant from Uzbekistan, said in a statement that he hoped to “atone” for his wrongdoings, and added, “America is the greatest country on earth, and I have great regret that I violated the law.”
Mr. Arabo was arrested in June 2006 at his store on East 57th Street. He and 40 other defendants were accused of conspiring to launder about $270 million in drug profits for the “Black Mafia Family,” a drug ring. Some defendants have pleaded guilty, and some are going to trial, Mr. Brafman said.
Source: nytimes
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