Jacob The Jeweler Indicted For Money Laundering, Drugs, Feds Allege BMF Connection

Popular jeweler

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.

Authorities claim

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,"

Wilmot said.

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.