Thursday, November 1st, 2007 at 3:01 pm
New York-based hip-hop jeweler Yakov Arabov, better known as Jacob the Jeweler, has pled guilty to charges of falsifying records and giving false statements to authorities investigating a drug ring.
“I realize I have made a terrible mistake and I accept the consequences of my actions,” said 42-year old Arabov in a statement.
The jeweler, who has designed bling for the likes of Nas and Kanye West, is involved in an investigation into allegations of laundering $270 million in drug profits for the Black Mafia Family gang. He may face up to 46 months in prison and pay a $2 million fine, under the terms of the plea.