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Jacob Arabov, better known as "Jacob The Jeweler" and the "King of Bling," was sentenced to 2 1/2 years in prison and fined $2 million in federal court in Detroit Wednesday. News reports indicated that Arabov was convicted of lying to federal agents about owning jewelry seized from a major cocaine trafficker.Arabov, 43, pleaded guilty in October to falsifying records andgiving false statements as part of a deal with federal prosecutors. "I feel ashamed that I broke the law of thiscountry that's been so good to me and my family," said Jacob to U.S.District Judge Avern Cohn.Arabov immigrated from Soviet Uzbekistan at 14 and built a successful New York jewelry and watch business.Eventually, he opened Jacob and Co., a Manhattan jewelry and watch store whoseclients include countless entertainers and celebrities, especially hip-hop and R&B artists.

Jacob Arabov, better known as "Jacob The Jeweler" and the "King of Bling," was sentenced to 2 1/2 years in prison and fined $2 million in federal court in Detroit Wednesday. News reports indicated that Arabov was convicted of lying to federal agents about owning jewelry seized from a major cocaine trafficker.Arabov, 43, pleaded guilty in October to falsifying records andgiving false statements as part of a deal with federal prosecutors. "I feel ashamed that I broke the law of thiscountry that's been so good to me and my family," said Jacob to U.S.District Judge Avern Cohn.Arabov immigrated from Soviet Uzbekistan at 14 and built a successful New York jewelry and watch business.Eventually, he opened Jacob and Co., a Manhattan jewelry and watch store whoseclients include countless entertainers and celebrities, especially hip-hop and R&B artists.