|  Update: Jacob The Jeweler Pleads Guilty In BMF Case, Faces 4 Years Behind Bars -
01-11-2007, 09:24 PM
After being arrested on charges that he conspired to launder money through his highly successful jewelry business, famed jewelry provider Jacob the Jeweler has pleaded guilty to lesser charges in his money laundering case.
As previously reported by SOHH, the jewelry icon (born Jacob Arobov) was arrested on charges of conspiring to commit money laundering of reportedly up to $270 million for Atlanta-based Black Mafia Family through his Jacob & Co. business.
The infamous jeweler was among 16 people indicted by a Michigan District Attorney in May for violating federal drug laws and laundering more than $270 million. Jacob is accused of accepting "dirty" money generated by the Black Mafia Family (BMF) and giving them jewelry in return without reporting the transactions.
Now, according to the Associated Press, the jeweler has pleaded guilty Wednesday (October 31) to the lesser charge of falsifying records and giving false statements to investigators looking into a multi-state drug ring. In return, prosecutors have agreed to drop the money laundering charges against him, his lawyer said.
"I realize I have made a terrible mistake and I accept the consequences of my actions," said the jeweler via a statement.
No sentencing date was immediately set by U.S. District Judge Avern Cohn but the terms of the plea agreement call for Jacob to serve up to 46 months in prison and pay a $2 million penalty, U.S. Attorney Stephen J. Murphy said in a statement.
| 
Update: Jacob The Jeweler Pleads Guilty In BMF Case, Faces 4 Years Behind Bars
