So Jacob the Jeweler, né Jacob Arabov, is finally catchin' the case, as Master P would say. The AP is reporting that he of the diamond necklaces and stretch Lexuses (sorry) has pleaded guilty to falsifying records and giving false statements regarding Detroit's Black Mafia drug ring. As part of his plea bargain, prosecutors have dropped the money-laundering charges Arabov, previously faced; but he still is looking at 46 months in prison and a $2 million fine, though he has not yet been sentenced. One thing is sure, though: The plea probably pissed off Busta Rhymes, who defended Arabov in Vanity Fair last year, saying: "The charges are a bunch of bull@#!*. Anybody that affiliates themselves with people that are from the street, they always go the extra mile to investigate them … why would Jacob come this far, purchasing a $12 million building on 57th St. — why would he do anything illegally?" Sigh. Oh Busta. If we're going to start asking questions like that, then we're also going to have to ask why you started sucking.

Jacob the Jeweler Pleads Guilty [AP]
Related: Is Hip-Hop's Jeweler on the Rocks [VF]

UPDATE: This item has been corrected from the previous version.