The Write Up: Jacob the Jeweler Get 2.5 Years

Jacob the Jeweler Get 2.5 Years
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thewriteup on 27 July, 2008 09:34:00
 
The New York businessman known in the hip-hop world as "Jacob the Jeweler" was
sentenced 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. But 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. Prosecutors dropped the money
laundering charges in the plea deal.