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Jacob The Jeweler Pleads Not Guilty To Money Laundering
Jacob the Jeweler, well known for providing hip-hop's biggest names with high-end custom jewelry, pleaded not guilty to money laundering charges in a Detroit court yesterday (July 12).
As previously reported, Jacob (born Jacob Arabov) was arrested outside his flagship store in New York last month on a warrant issued in Detroit by federal authorities accusing him with conspiring with others to launder money through his jewelry business.
The infamous jeweler was among 16 people indicted by a Michigan DA in May for violating federal drug laws and laundering an excess of $270 million.
Jacob is accused of accepting "dirty" money generated by Atlanta-based drug organization the Black Mafia Family (BMF) and giving them jewelry in return without reporting the transactions.
The indictment, which is part of a previous indictment alleging that the BMF distributed 476 kilos of cocaine throughout the US since the early '90s, also seeks criminal forfeiture of more than 30 pieces of jewelry, in addition to a number of residences and cars.
According to the Detroit News, Jacob was accompanied by two New York City attorneys as he entered his plea before U.S. Magistrate Judge Virginia Morgan on Wednesday. He was later freed on a $100,000 bond and is awaiting trial.
"Mr. Arabov is not guilty of these charges," Benjamin Brafman, Jacob's lawyer, said outside the courthouse. "We intend to be fully exonerated."
Jacob pleaded not guilty to the same money laundering charges when he made a court appearance in a New York court in June. He was also freed on a $100,000 bond.
The renowned jeweler made headlines earlier this year when he sued Damon Thomas, one-half of the hip-hop production duo The Underdogs, for failing to make payments on jewelry costing around $2 million.
Last year, the DEA arrested over 30 people affiliated with BMF Entertainment, seizing $3 million in cash, 2 kilograms of cocaine and various weapons.
Members of BMF were also associated, along with Young Jeezy, in the assault of Atlanta rapper Gucci Mane.
Source: sohh.com
As previously reported, Jacob (born Jacob Arabov) was arrested outside his flagship store in New York last month on a warrant issued in Detroit by federal authorities accusing him with conspiring with others to launder money through his jewelry business.
The infamous jeweler was among 16 people indicted by a Michigan DA in May for violating federal drug laws and laundering an excess of $270 million.
Jacob is accused of accepting "dirty" money generated by Atlanta-based drug organization the Black Mafia Family (BMF) and giving them jewelry in return without reporting the transactions.
The indictment, which is part of a previous indictment alleging that the BMF distributed 476 kilos of cocaine throughout the US since the early '90s, also seeks criminal forfeiture of more than 30 pieces of jewelry, in addition to a number of residences and cars.
According to the Detroit News, Jacob was accompanied by two New York City attorneys as he entered his plea before U.S. Magistrate Judge Virginia Morgan on Wednesday. He was later freed on a $100,000 bond and is awaiting trial.
"Mr. Arabov is not guilty of these charges," Benjamin Brafman, Jacob's lawyer, said outside the courthouse. "We intend to be fully exonerated."
Jacob pleaded not guilty to the same money laundering charges when he made a court appearance in a New York court in June. He was also freed on a $100,000 bond.
The renowned jeweler made headlines earlier this year when he sued Damon Thomas, one-half of the hip-hop production duo The Underdogs, for failing to make payments on jewelry costing around $2 million.
Last year, the DEA arrested over 30 people affiliated with BMF Entertainment, seizing $3 million in cash, 2 kilograms of cocaine and various weapons.
Members of BMF were also associated, along with Young Jeezy, in the assault of Atlanta rapper Gucci Mane.
Source: sohh.com