Jacob Arabov, also known as Jacob the Jeweler – a favorite among stars like Jay-Z, Kanye West and Elton John has allegedly been cheated out of $14 million by financial advisor Kenneth Starr.

According to media reports, the duped jeweler's millions were spread across several investments at Starr's direction: "Mr. and Mrs. Arabov unfortunately invested substantial personal assets through several prominent individuals they trusted," Arabov's attorney, Brafman, said in a statement.

"It is now clear that they were defrauded... they intend to pursue all legal remedies the law provides in an effort to recover their investments."

Arabov is no stranger to scandal: the jeweler was arrested in June 2006 at his Manhattan store for conspiracy to distribute hundreds of kilograms of cocaine and for laundering nearly $270 million.

Authorities indicted Arabov and his accomplices for their connections with a Detroit drug gang called the "Black Mafia."

The bling dealer was sentenced in 2008 to 2 1/2 years in jail for lying to officials during the investigation, but his sentence was cut seven months short by a judge citing Arabov's charity work.

According to reports, it was Arabov's wife who noticed that something was amiss with their finances.

The pair tape recorded Starr in several conversations and handed prosecutors numerous financial documents.