‘Jacob the Jeweler’ Forfeits 2 Mil To IRS and Police After Indictment
Jacob Arabov, a New York jeweler better known as ‘Jacob The Jeweler’ who was sentenced to 2 1/2 years in prison June 2008 after pleading guilty for falsifying records and giving false statements to authorities who were investigating a drug ring, recently forfeited $2 million dollars of his assets as a part of his sentence. Jacob Arabov was accused of helping the Black Mafia Family gang launder its drug profits out of Detroit. Jacob was accused of hiding that he sold jewelry to Terry Flenory, amongst others who were being investigated.
‘Jacob The Jeweler’ is most known for providing hip hop industry people and celebrities extravagant watches and jewelry.
Reportedly, the IRS retained $400,000 for administration costs, while the rest is stated to have been distributed to approximately seven police agencies which helped the (U.S. DEA) U.S. Drug Enforcement Administration and the IRS with the investigation.
Jacob Arabov reportedly helped hide the Black Mafia Family ownership of a share of $5 million in jewelry of their alleged $270 million dollars in drug profits.