Popular jeweler Yakov “Jacob the Jeweler” Arabov was arrested today (June 15) on money-laundering charges and released on $100,000 bail according to reports.
Arabov, who appeared in U.S. District Court in Manhattan today on the charges, was arrested in his mid-town store in New York and was charged with conspiring to launder over $270 million dollars for Black Mafia Family or BMF.
Authorities claim the Russian immigrant, who has provided jewels for some of the most well known rappers, also conspired to distribute over 476 kilos of cocaine for BMF.
Paul Wilmot, a spokesman for Jacob & Co., told the Associated Press that the arrest was “the result of an unfortunate misunderstanding that we believe will be straightened out in the next several weeks.”
“We are confident that once the government is advised of all the facts surrounding these issues that all of the charges against Mr. Arabov will be completely dismissed,” Wilmot said.
In October, the Drug Enforcement Administration (DEA) arrested 30 members of the self-named of BMF and seized over $3 million in money, assets, 2 ½ kilograms of cocaine and weapons.
The drug gang was labeled a large-scale operation, operating in most major cities in the United States, including Detroit, Columbus and Atlanta, Los Angeles, Miami, Fort Lauderdale, Orlando, St. Louis,Louisville and other cities.