Famed jeweler Jacob Arabov, also known as Jacob The Jeweler, recently forfeited $2 million in illegal funds, as a part of a plea deal for a lesser prison sentence for laundering drug money.
Jacob was sentenced to 2 1/2 years in prison last June after pleading guilty in October 2007 to falsifying records and giving false statements, in connection with a multi-state drug ring known as the Black Mafia Family (BMF). He allegedly helped launder around $270 million in drug profits for the criminal organization.
Under law, drug forfeiture money appropriated by authorities can only be disbursed and used by law enforcement agencies. Seven law enforcement agencies in Michigan will be splitting $1.6 million of the seized cash, according to the Chicago Tribute.
$267,200 was given to police in Detroit, Birmingham, Grosse Ile, Livonia, and the Livingston County Sheriff’s Department, while River Rouge received $196,800, and Waterford Township’s share is $67,200.
The federal government kept the remaining balance.
Jacob was arrested in 2006 at his Manhattan jewelry shop, after being accused of conspiring to launder cash for the BMF.
The investigation into the criminal organization went on for more than seven years. The end result was indictments being handed down on Arabov and at least 41 other people, including its founders Demetrius “Meech” Flenory and Terry “Southwest P” Flenory.
Jacob was slated to begin serving his sentence in January.
The jeweler was popular in the world of entertainment, providing custom jewelry for the likes of Diddy, 50 Cent, several NBA stars, and other celebs such as Sir Elton John, Bono, and Rudy Giuliani.