Hip-hop jeweler arrested for Money Laundering Charges (Rapaport 6/16/2006)

Yakov Arabov, popular jeweler amongst the celebrities in the U.S., was arrested on money-laundering activities. The authorities have charged the Russian Arabov with distributing more than 476 kilograms of cocaine and with laundering money for $270 million. They have reasons to believe that Arabov is connected to a drug organization called the “Black Mafia Family”.
Arabov, known as “Jacob the Jeweler” to the music industry, has launched his career after the formal rapper Notorious B.I.G. introduced him to his showbiz-friends. Amongst his client-list, there are names such as Madonna, 50 cent, Jennifer Lopez and Sir Elton John. Paul Wilmot, a spokesman for Jacob & Co., said the arrest was “the result of an unfortunate misunderstanding.”