By Rahman Dukes
The King of Bling is half way home. The once-dominant jeweler to stars like Diddy, Jay-Z, 50 Cent and Lil Kim was transferred from a federal correctional facility on to a halfway house March 25, according to the New York Post. He'll serve the remainder of his sentence there.
Jacob was convicted on charges of lying to federal prosecutors in their pursuit of drug lords the Black Mafia Family, who were conducting a multi-state drug operation. Arabov was targeted when prosecutors alleged he laundered $270 million for the organization.
Initially, Arabov was sentenced to three years behind bars after pleading guilty in October 2008 to falsifying documents. But as part of a plea deal, a U.S. District Court judge shaved seven months off his time, citing his extensive charity work.
Following the conviction, Arabov acknowledged his crimes in court. "I feel ashamed that I broke the laws of this country, a country that has been so good for me," he said. "I will carry this shame for the rest of my life."
Jacob will be allowed to return to his flagship location on Fifth Avenue in New York and conduct business during the day and return to the halfway house facility at night until September, when he's scheduled for full release.
By John Ochoa