JACOB THE JEWELER JAILED

JACOB THE JEWELER JAILED

Bling merchant to the stars JACOB THE JEWELER has been jailed for two-and-half years after he was found guilty of lying to federal investigators.
The jewellery designer, real name Jacob Arabov, pleaded guilty to the crime in October (07) - a year after he was arrested in his Manhattan, New York store, accused of working with others to conspire to launder $270 million (GBP135 million) in drug profits.
The money laundering charges were later dropped as part of a plea deal with prosecutors.
The 43-year-old, who has sold gems to the likes of Kanye West and Sir Elton John, was sentenced at a Detroit, Michigan court on Tuesday (24Jun08).
U.S. District Judge Avern Cohn, who presided over the case, told the court: "The nature and circumstances of the offense were deeply serious. He willingly participated in a mammoth drug conspiracy."
Cohn also ordered the Russian native to pay a $50,000 (GBP25,000) fine and hand over $2 million (GBP1 million) to the U.S. government.
After hearing the sentence, Arabov told the court, "I feel ashamed that I broke the laws of this country, a country that has been so good for me. I will carry this shame for the rest of my life."
Arabov will report to a federal jail on 15 January 2009.