Yakov "Jacob the Jeweler" Arabov was arrested today (June 15) on money-laundering
charges and released on $100,000 bail according to reports.
Arabov, who appeared
in U.S. District Court in Manhattan today on the charges, was arrested in his
mid-town store in New York and was charged with conspiring to launder over $270
million dollars for Black Mafia Family or BMF.
the Russian immigrant, who has provided jewels for some of the most well known
rappers, also conspired to distribute over 476 kilos of cocaine for BMF.
Paul Wilmot, a
spokesman for Jacob & Co., told the Associated Press that the arrest was
"the result of an unfortunate misunderstanding that we believe will be
straightened out in the next several weeks."
"We are confident
that once the government is advised of all the facts surrounding these issues
that all of the charges against Mr. Arabov will be completely dismissed,"
In October, the
Drug Enforcement Administration (DEA) arrested 30 members of the self-named
of BMF and seized over $3 million in money, assets, 2 ½ kilograms of
cocaine and weapons.
The drug gang was
labeled a large-scale operation, operating in most major cities in the United
States, including Detroit, Columbus and Atlanta, Los Angeles, Miami, Fort Lauderdale,
Orlando, St. Louis,Louisville and other cities.
Prior to the October
raids, the DEA had arrested 17 other members and seized over 632 kilograms of
cocaine, $5.3 million in money and $5.7 million in assets.
The DEA claims
brothers Terry and Demetrius Flenory founded BMF, when they started selling
crack during their high school years in the 1980’s in Detroit.
Jacob the Jeweler’s
signature time pieces have been featured in numerous magazines and such celebrities
as Angela Bassett, Sean “Diddy” Combs, Enrique Iglesias, Justin Timberlake,
David & Victoria Beckham, Sir Elton John, Naomi Campbell, 50 Cent, Madonna
and Sharon & Ozzy Osbourne are listed as clients on his official website.