In the October 2005 issue of Forbes fyi, their editors listed New York’s Jacob & Co. as the authority for customized bling. And for good reason. The store’s owner, widely known as “Jacob the Jeweler,” has added diamonds to creations for hip hop, sports, and entertainment stars for years. He even had done work for Rudy Giuliani. Of course, whatever he created for Rudy Giuliani was probably more subdued than this map of New York City he custom created for Busta Rhymes:
While the Jacob & Co. website is still up and makes it sound like the business is doing great, you should be aware of the truth.
In June 2006, Jacob Arabo (aka Jacob the Jeweler) was arrested by the FBI on money laundering charges. He is said to have used his jewelry business to launder up to 270 million dollars in drug money for the so-called Black Mafia Family drug ring. Arabo denied all charges and was released after posting bail. On October 31, 2007, Arabo pleaded guilty to falsifying records and giving false statements to investigators who were looking into the drug ring, and faces a maximum of 46 months in jail and $2,000,000 penalty. As part of the plea deal, the charges for money laundering were dropped.
Actual sentencing will likely take place sometime this year.
