Jacob the Jeweler Arrested for Money Laundering

In the middle of June 2006, Jacob Arabov, better known as Jacob the Jeweler or King of Bling, was arrested for violating federal drug laws and money laundering of 270,000,000 USD.

His name was revealed regarding a 2005 indictment of an alleged cocaine trafficking ring led by two native Detroit residents of the so-called Black Mafia Family: brothers Demetrius Flenory and Terry Lee Flenory. Officials claim that the drug ring was dealing with distribution of hundreds of kilos of cocaine and laundering hundreds of millions US dollars in illegal drug operations since the beginning of the 1990s. Jacob Arabov is claimed to receive large amounts of cash, money orders and cheques from the Flenory brothers and not file required currency reporting forms with the government.

Arabov’s lawyer, Benjamin Brafman says this indictment is a result of some misunderstanding. Arabov was released after immediately paying 100,000 USD.

Jacob Arabov is a 41-year old Uzbek immigrant and New York City jeweler who designs products under his brand, JACOB & Co. and sells diamonds, posh watches and other “bling” to such celebrities as Sir Elton John, David Beckham, Madonna, Bono, Justin Timberlake, Naomi Campbell, Brittney Spears and many hip hop stars.

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