As if his watches weren’t bad enough.

“Jacob the Jeweler” of Jacob & Co. a celebrity jeweler who put diamonds on celebrities from Elton John to Kanye West pleaded guilty Wednesday to falsifying records and giving false statements to investigators looking into a multistate drug ring.

Terms of the plea deal call for Jacob Arabov of New York to serve up to 46 months in prison and pay a $2 million penalty, U.S. Attorney Stephen J. Murphy said in a news release. No sentencing date was immediately set by U.S. District Judge Avern Cohn.

In return for the guilty plea, prosecutors agreed to drop money laundering charges against the man known in the hip-hop world as ‘Jacob the Jeweler,’ said Arabov’s attorney, Benjamin Brafman.

Chad the Watch Guy

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Last Update: November 8, 2007