Jacob Arabov, better known as "Jacob The Jeweler" and the "King of Bling," was sentenced to 2 1/2 years in prison and fined $2 million in federal court in Detroit Wednesday. News reports indicated that Arabov was convicted of lying to federal agents about owning jewelry seized from a major cocaine trafficker.
Arabov, 43, pleaded guilty in October to falsifying records and giving false statements as part of a deal with federal prosecutors.
"I feel ashamed that I broke the law of this country that's been so good to me and my family," said Jacob to U.S. District Judge Avern Cohn.
Arabov immigrated from Soviet Uzbekistan at 14 and built a successful New York jewelry and watch business. Eventually, he opened Jacob and Co., a Manhattan jewelry and watch store whose clients include countless entertainers and celebrities, especially hip-hop and R&B artists.