It wasn’t long ago when I spotted Jacob Arabov, better known as Jacob the Jeweler at Dubai airport getting on a plane after a recent real estate splurge, and now he’s going to jail for two and a half years. Jacob was convicted of lying to federal agents about owning jewelry seized from a major cocaine trafficker. At his sentencing, he told the judge that he felt ashamed that he broke the law of the country that had been so good to him and his family.

Arabov was also indicted in 2005 for allegedly helping the “Black Mafia Family” and its principals Demetrius and Terry Flenory launder $270 million in drug money. His plea agreement does not require him to testify against other defenders, but he did agree to forfeit $2 million to the government.

In an interview to City Magazine in 2004, he spoke of how he pushed himself to financial success:

“I went to Brazil, I went to Africa, I went to Russia to buy diamonds. Some go to Brazil [only] to the diamond office. I went to the worst places, where it’s dangerous. If you don’t put yourself through tests, you cannot really appreciate this life.”

related links

Jacob & Co
National Jeweler: Jacob the Jeweler sentenced to 30 months in jail
Jacob the Jeweler
Jacob’s New Store