Jacob the Jeweller to offer plea in money laundering case
It has already been described that 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 USD 270 million.
A 41-year old Uzbek immigrant Arabov is New York City jeweler who designs products under his brand, JACOB & Co. and sells diamonds, posh watches and other baubles to many celebrities including Madonna, Sir Elton John, David Beckham, Bono, Justin Timberlake, Britney Spears, famous hip hop stars, etc.
On October 31, 2007, Gerald McKelvey, a spokesman for Arabov, revealed that the celebrity jeweller plans to offer a guilty plea in a deal with prosecutors over a federal money laundering case.
According to McKelvey, Arabov was to plead guilty at a hearing in Detroit to two counts of making false statements to investigators and is expected to face between 37 and 52 months behind bars. In exchange, prosecutors are expected to drop money laundering charges.