DETROIT - A New York businessman known in the hip-hop world as "Jacob the Jeweler" is to be sentenced in Detroit federal court for lying to investigators looking into a multi-state drug ring.
Jacob Arabov pleaded guilty in October to falsifying records and giving false statements. A plea agreement calls for him to serve up to 46 months in prison and pay a $2 million penalty.
Arabov was arrested in June 2006 at his Manhattan jewelry shop. Authorities accused him and others of conspiring to launder about $270 million in drug profits.
The money laundering charges were dropped as part of the plea deal.
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