Jacob the Jeweler, real name Jacob Arabo, will report to a federal prison in January to begin serving his 30-month sentence for money laundering and other federal offenses. But until then, Jacob is calling in all favors and moneys owed by his celebrities friends.
Jacob doesn’t have much time, so he’s suing customers who fail to ante up the cash they owe for jewels they bought but never paid for. One such customer is rapper/producer Wyclef Jean whom Jacob says owes him approximately $300,000 in unpaid jewelry purchases.
In a lawsuit filed in a Manhattan court Tuesday (7/29), Jacob and Company Incorporated claims between March 2002 and January 2006, the 35-year-old musician purchased $765,100 worth of assorted ornaments, including several watches, but only paid half of the price. Jean apparently still owes the company $319,680 despite “repeated demands for payment.”
At least we know Wyclef’s bling is the real deal.
(Source)
Photo: Wireimage/Getty
This entry was posted on Thursday, July 31st, 2008 at 9:01 am and filed under Business, Celeb news, Law and order, Law suits/litigation, Money & Finances . You can follow any responses to this entry through the RSS 2.0 feed or Trackback from your own site. This site is Gravatar enabled. Sign up to upload your own avatar.
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Damn, didn’t his home get foreclosed?What’s up with these people mismanaging their money and ESPECIALLY at a time like this??
hey jacob needs all the money he can get! Clef pay up!
people that can ask you to make them jewelry for 765,000 do not need credit. they should be able to pay their whole bill, if he paid more that 500,000 he could have paid the rest or i would have made him put it in lay-a-way.
He is broke from all his jump-offs
Real? I heard that in addition to his laundering, Jacob has been passing off fake diamonds for real ones, and the real ones he sells are of poor quality… And isn’t ‘Clef supposed to be an activist? If that be the case, why is he buying diamonds?
Jacob should be paying all them foolish azz rappers … they gavehim a shout out in every other song .. and that publicity bought Jacob other customers ….