Jacob Arabov, aka Jacob the Jeweler, is heading to Jail.

The businessman known to the hiphop world as simply “Jacob the Jeweler” has agreed to serve 2 1/2 years for lying to federal investigators.

Jacob reportedly plead guilty in October as part of a deal with prosecutors, giving him the minimum sentence of just 3 years and 1 month. That sentence was shaved 7 months because of his charity work. He was ordered to pay a $50 fine and $2 million payment to the government.“I feel ashamed that I broke the laws of this country, a country that has been so good for me,” Arabov said. “I will carry this shame for the rest of my life.” He was arrested in 2006 of conspiring to launder $270 million.