Jacob Arabo, aka “Jacob the Jeweler,” (pictured above) just got sentenced to 30 months in jail according to Women’s Wear Daily.

Arabo, founder of Jacob & Co., will also have to pay a $2 million fine. The sentencing was related to a $270 million money laundering case, that he was arrested for back on June 15, 2006. Interestingly, he had his lawyers postpone the sentencing until now, so he could prepare his company to operate in his absence.