Jeweler to the stars, Jacob Arabov, known by many as Jacob The Jeweler, copped a plea in court Thursday (October 31) where he had money-laundering charges dropped in exchange for a guilty plea to lesser charges.

According to the Associated Press, the 42-year-old Russian immigrant pleaded guilty to providing false documents and false statements to federal officials investigating the alleged Black Mafia Family Drug organization.

"I gave them false documents," he said of the DEA's visit to New York to question him in 2005. "I also basically lied to them."

Jacob was indicted on federal money-laundering charges in June of 2006, and accused of helping the drug organization known as the Black Mafia Family (BMF) launder more than $270 million in alleged drug profits through his jewelry business.

He admitted to knowingly receiving money from members of the BMF on Thursday that was illegal proceeds although his lawyer, Benjamin Brafman, maintains he didn't know it was from drugs.

A sentencing date has not been set, reports the AP, but Jacob faces anywhere from 37 to 46 months in prison, and will forfeit $2 million in cash as part of a plea agreement.

Jacob is currently free on bond.