Breaking: Jacob the Jeweler Sentenced to Prison

Enjoy the fine threads while they last! Photo: WireImage

Jacob Arabov, better known as "Jacob the Jeweler," is known for selling jewelry to celebrities ranging from hip-hop stars to Rudy Giuliani to Victoria Beckham. But he won't sell anything to anyone for quite some time. WWD just reported he's been sentenced to 30 months in prison!

Jacob Arabov, also known as “Jacob the Jeweler,” purveyor of over-the-top diamond jewelry to clients varying from the world of sports and hip hop to the Upper East Side and Hollywood through his namesake firm Jacob & Co., has been sentenced to 30 months in prison.

He will also pay a fine of $2 million in a sentence handed down today by U.S. district court judge Avern Cohn in Detroit.

Arabov, 42, was arrested on June 15, 2006, at his flagship on East 57th Street on charges of laundering more than $270 million in narcotics proceeds for a Detroit-based drug ring called the Black Mafia Family.

Jail for Jacob the Jeweler [WWD]