If you listen to hip-hop, then you probably know who Jacob The Jeweler is. Well Yakov "Jacob the Jeweler" Arabov was arrested yesterday in his mid-town New York store on charges of conspiring to launder some $270 million dollars on behalf of the Black Mafia Family. 

In addition, the authorities are claiming he also intended to distribute 476 kilograms of cocaine, also for the Black Mafia Family. The Russian immigrant appeared in a Manhattan US District court today before being released on a $100,000 bail.

Jacob & Co.’s spokesperson Paul Wilmot told the Press that the arrest was "the result of an unfortunate misunderstanding that we believe will be straightened out in the next several weeks. We are confident that once the government is advised of all the facts surrounding these issues that all of the charges against Mr. Arabov will be completely dismissed.”